HALES DEVELOPMENT LAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
Hales Development Land Limited is a private company limited by shares and incorporated in Engand and Wales, registration number 14058580. The Company was incorporated on 20 April 2022. The registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ.
The principal activity of the Company is that of property development, and it undertakes its activities in Norwich, Norfolk.
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 financial statements have been prepared on the going concern basis, as the directors consider that the Company, with their ongoing support, has sufficient working capital to continue trading for a period of at least twleve months from the date of the approval of the financial statements.
Interest income is recognised in profit or loss using the effective interest method.
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
Stocks comprise of property in development and is stated at the lower of cost and net realisable value. Costs include all direct costs including borrowing costs. Net realisable value represents the estimated selling price less and further costs expected to be incurred to completion and disposal.
At each balance sheet date stocks are assessed for impairment. If stock is impaired, the carrying cost amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss account.
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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