TYNEXE RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Tynexe Residential Limited is a private company limited by shares incorporated in England and Wales (company number: 09133567). The registered office is C/O Democratic Division, Newcastle City Council, Newcastle upon Tyne, NE99 2BN.
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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The following principal accounting policies have been applied:
The company continues to enjoy the support of its holding company creditor and anticipates the continuation of this support in the future. Hence, despite the insolvent balance sheet the directors have relied upon the continuation of the holding company's financial support for the foreseeable future and on that basis they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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:
Turnover is recognised at the fair value of the consideration received or receivable for properties sold in the normal course of business, and is shown net of VAT and any other sales related taxes. Turnover from the sale of properties is recognised when the significant risks and rewards of ownership of the properties have transferred to the buyer. The stage of completion of a contract is measured by comparing the costs incurred for the work performed to date to the total estimated contract costs.
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