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107 - 109 EAST STREET LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
107 - 109 East Street Limited is a private company, limited by shares, incorporated in England and Wales. Its registered office and principal place of business is at Cavendish House, 369 Burnt Oak Broadway, Edgware, HA8 5AW.
The principal activity of the Company is that of property development.
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:
After making enquiries, the director has a reasonable expectation that the Company will continue to receive support from the loan creditor as required and therefore will have adequate resources to continue to meet all of its liabilities as they fall due for at least twelve months from the date of his approval of these financial statements. Accordingly the director continues to adopt the going concern basis in preparing the annual report and financial statements.
Stocks and work in progress represents development property valued at the lower of cost and net realisable value. Cost for this purpose comprises the original purchase of land and buildings and development expenditure.
In considering the net realisable value of land and properties, it is assumed that developments will be completed and sold in the ordinary course of the Company's business and that they would not be placed on the market for immediate sale.
Short term debtors are measured at the transaction price, less any impairment.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans from banks and related parties.
Short term creditors are measured at the transaction price.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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