NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
West Lay Limited is a private company, limited by shares, incorporated in England and Wales, registration number 14147303. The registered office is 45 Gresham Street, London, England, EC2V 7BG
The company was incorporated on 1 June 2022 and the company commenced trading on 18 October 2022.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared 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 following principal accounting policies have been applied:
The balance sheet is showing net liabilities of £36,594. The Company is reliant on the support of its parent company which will support the company for at least 12 months from the date of signing the accounts and therefore the accounts have been prepared on the going concern basis.
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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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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.
The Company only enters into basic financial instrument 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.
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