BELUTO PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Beluto Property Limited is a private Company limited by shares, incorporated in England and Wales (registered number: 13799277). Its registered office is 37 Petersfield Road, London, W3 8NY. The principal activity of the Company throughout the year was that of the letting of own real estate.
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 Company's functional and presentation currency is pounds sterling.
The following principal accounting policies have been applied:
The financial statements have been prepared on the going concern basis which assumes that the Company will continue in operational existence for the foreseeable future.
The validity of this assumption depends on the ability of the Company to generate profits in the future. The directors believe this to be well founded, based on current and expected future levels of activity. The financial statements do not include any adjustments that would result if sufficient profits were not generated.
Rental income represents the rents due for the year under operating leases all of which relate to
properties in the United Kingdom.
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Operating leases: the Company as lessor
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Rental income from operating leases is credited to the Statement of Income and Retained Earnings on a straight-line basis over the lease term.
Tax is recognised in the Statement of Income and Retained Earnings.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the Company operates and generates income.
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings.
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