TRIBEKA DEVELOPMENTS (WOODHOUSE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
Tribeka Developments (Woodhouse) Limited is a private company limited by shares, incorporated in England and Wales (registered number: 10462747). Its registered office is 443 Handsworth Road, Handsworth, Sheffield, England, S13 9DD. 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 presentational currency is pounds sterling.
The following principal accounting policies have been applied:
At 31 January 2023 the Company's liabilities exceeded its assets by £389,838 (2022: £407,207). The company will continue to receive support from the director and related undertakings and on this basis they have prepared the financial statements on a going concern basis.
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
Revenue is recognised on legal completion of sale of new residential properties.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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 in profit or loss.
|