|
|
|
IPPLEPEN PROPERTY HOLDINGS LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
Ipplepen Property Holdings Limited is a private company, limited by shares, domiciled in England. The registered office is Vlaue House Stores, Clovelly Road Industrial Estate, Bideford, Devon, EX39 3HN.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
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 directors confirm that, having considered their expectations and intentions for the next twelve months, and the availability of working capital, the company is a going concern.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
|
|
Exemption from preparing consolidated financial statements
|
The Company, and the Group headed by it, qualify as small as set out in section 383 of the Compaines Act 2006 and the parent and Group are considered eligible for the expemption to prepare consolidated accounts.
Investments in subsidiaries are measured at cost less accumulated impairment.
|
|
Cash and cash equivalents
|
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.
|