TRIBEKA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
Tribeka Investments Limited is a private company limited by shares, incorporated in England and Wales (registered number: 06762616). Its registered office is 443 Handsworth Road, Handsworth, Sheffield, England, S13 9DD. The principal activities of the Company throughout the year continued to be that of property purchase, building and management.
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 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 £761,746 (2022: £715,429). The ability of the Company to meet its liabilities as they fall due is dependent on the future probability 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.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Grants relating to expenditure on tangible fixed assets are credited to the Statement of Income and Retained Earnings at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
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