BAIRDS HILL PROPERTY ASSOCIATION LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 JUNE 2023
Bairds Hill Property Association Limited is a private company limited by guarantee incorporated in England and Wales in the United Kingdom. The address of the registered office is 9 Crescent Road, North Foreland Estate, Broadstairs, Kent CT10 3QY.
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 financial statements are presented in pounds sterling, which is the functional currency of the company, rounded to the nearest pound.
The following principal accounting policies have been applied:
The financial statements are prepared on a going concern basis and there are no material uncertainties that cast significant doubt on the Company's ability to continue as a going concern.
Turnover represents maintenance and insurance charges due to the Company from the residents of the twelve individual flats situated at 9 Crescent Road, North Foreland Estate, Broadstairs, Kent CT10 3QY.
Interest income is recognised in profit or loss using the effective interest method.
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.
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