D M W DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
D M W Developments Limited is a private limited company, limited by shares, incorporated in England and Wales. The address of the registered office is 6th Floor Design Centre East, Chelsea Harbour, London, SW10 0XF.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company ceased trading in 2015 and it is the intention of the director to wind up the Company should the Company not be able to find new trades; the Director continues to review opportunities that may be relevant for the business. Accordingly, the going concern basis of accounting is no longer appropriate as at 28 February 2017. The accounts for the year ended 28 February 2023 are therefore prepared on a liquidation basis. Adjustments were made to reclassify long term liabilities to current liabilities as a result of the decision to cease trading.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.
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