FANT PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Fant Properties Limited is a private company, limited by shares, registered in England and Wales. The company's registered office address is Victoria Court,17-21 Ashford Road, Maidstone, Kent, ME14 5DA.
The presentation currency of the financial statements is the Pound Sterling (£).
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The accounts have been prepared on the going concern basis. On this basis, no material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the director.
Turnover represents rental income and,if applicable service charges and other rechargeable expenses. Income invoiced on quarter days in advance is treated as differed income at the Balance Sheet date.
Interest income is recognised in profit or loss using the effective interest method.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Investment properties are carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estates, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of income and retained earnings.
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