PEBBLE TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
1.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 accounts have been prepared on a going concern basis. The company's ability to continue to trade is dependant upon the support of the parent company. Included in creditors is £586,693 due to the parent company. The directors of the parent company have indicated that they will not request repayment of this balance for a period of at least 12 months from the date of signing these financial statements.
If this assumption proves to be inappropriate, then an adjustment may have to be made to adjust the value of assets to their recoverable amounts, to provide for any further liabilities which may arise.
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Impairment of fixed assets and goodwill
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Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
Investments in subsidiaries are measured at cost less accumulated impairment.
The Company only enters into basic financial instruments transactions that result in the recognition of financial liabilities such as loans to related parties.
Creditors
Short term creditors are measured at the transaction price.
Pebble Trading Limited is a private company limited by shares and is incorporated in England with the registration number 06030971. The address of the registered office is Beaulieu House, Roman Road, Dorking, Surrey, RH4 3ET.
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