TURNER ESTATES LETTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Turner Estates Lettings Limited is a private limited company limited by share capital incorporated in England and Wales. The principal activity of the company is that of the letting of residential properties.
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.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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This relates to the write of an intercompany debtor balance with Turner Property Limited. Turner Estates Lettings Limited agreed to release Turner Property Limited from its obligation to repay the debt.
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