NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The entity is a private limited company incorporated in the UK, limited by shares. The registered office is 6 East Point, High Street, Seal, Sevenoaks, Kent, United Kingdom, TN15 0EG. The nature of the company's operations was the provision of other business support service activities.
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 financial statements are prepared in pounds sterling, the functional currency, rounded to the nearest £1.
The following principal accounting policies have been applied:
At the balance sheet date, the company had net liabilities of £230,089 (2022 - £120,715). The financial statements have been prepared on a going concern basis. The directors consider this appropriate as the company will continue to receive support from its ultimate parent company in order to fund its working capital requirements.
Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
|