NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
Athlone House Ltd is a private limited liability company registered in England and Wales. Its registered office address is at 2nd Floor Connaught House, 1-3 Mount Street, London, W1K 3NB.
The principle activity of the company is that of property management.
The company's functional and presentational currency is £ 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 following principal accounting policies have been applied:
The company has been placed under sanctions due to its connection to persons associated with Russia. As a result, its bank account was frozen and the director needs to apply for a licence from The office of Financial Sanctions Implementation (OFSI) each time the company needs to pay a UK creditor. The director to date has had success in obtaining some such licences.
The company's costs to date have been funded by a creditor who has confirmed they will continue to provide finance to allow the company to settle all its remaining liabilities, so long as the appropriate licences are obtained.
The company's intention is to obtain further licences to lawfully receive money from its funder and licences to be able to make payments to its creditors so liabilities can be settled. Accordingly, the accounts have been prepared on the going concern basis.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method.
The company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
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