WOODBERRY PROPERTY DEVELOPMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Woodberry Property Development Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is 45 Gresham, London, EC2V 7BG.
2.Accounting policies
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Basis of preparation of financial statements
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These financial statements are prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” as applied in the context of the small entities regime and the Companies Act 2006.
The following principal accounting policies have been applied:
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.
Turnover comprises rentals received by the company during the year.
Stocks and Work in Progress principally comprise properties held for development and subsequent sale. All stocks are carried at the lower of costs and net realisable value.
Cost comprises buildings, direct materials and, where applicable, direct labour costs that have been incurred in bringing the stock to their present condition. Net realisable value represents the estimated selling price less any further costs expected to be incurred to completion and disposal.
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.
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