NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAD Ascot Ltd is a private limited liability company incorporated in England and Wales. Its principal place of business is at 20 Coxon Street, Spondon, Derby, DE21 7JG, and its registered office is at 20 Greenhill Crescent, Watford, Hertfordshire, England, WD18 8JA.
The principal activity of the Company is to act as a member of a LLP.
The Company's functional and presentational currency is £ Sterling.
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 a going concern basis which assumes the continued financial support of a company under common control. In the opinion of the directors, the company will continue to receive such financial support as may be required to enable it to meet its liabilities for at least 12 months following the date of their approval of the financial statements and accordingly they have prepared the financial statements on a going concern basis.
Interest income is recognised in profit or loss according to the terms of the agreement.
Borrowing costs are amortised in the Statement of Comprehensive Income over the term of the loan.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Investments in unlisted Company shares are measured at cost less accumulated impairment.
Short-term debtors are measured at the transaction price, less any impairment.
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