FOUNTAINGATE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Fountaingate Developments Limited is a private company limited by shares, incorporated in England and Wales (registered number: 03034503). Its registered office is Redway Farm, Bakewell, Derbyshire, DE45 1PE. The principal activity of the company throughout the year continued to be that of property development.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
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 Company's functional and presentation currency is pounds sterling.
The following principal accounting policies have been applied:
As at 31 March 2023 the company had an excess of liabilities over its total assets amounting to £6,367 (2022: £5,430). The ability of the company to meet its liabilities as they fall due is dependant on the future profitability and cash generation of the company. The directors are confident that the company will be able to pay its debts as they fall due and accordingly these accounts are prepared on a going concern basis.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each Balance Sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately Statement of Income and Retained Earnings.
|