TRIBEKA DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
Tribeka Developments Limited is a private company limited by shares, incorporated in England and Wales (registered number: 06762959). 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
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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 £84,730 (2022: £74,984). 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.
The company only enters into basic financial instrument transactions that result in the recognition of the financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
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