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CL GEORGE REAL ESTATE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
CL George Real Estate Limited is a private limited liability company incorporated in England and Wales, with its registered office at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD.
The principal activity of the company is that of property investment.
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 Company's activities are funded by an interest free loan from the director, who is also the sole shareholder. At the reporting date, the Company owed £10,091,366 (2023 - £2,890,244) to the director and this is included in other creditors. The director has prepared the financial statements on a going concern basis on the assumption that the director will continue to provide such financial support as may be required by the Company to meet its liabilities as they fall due for at least 12 months following the date of approval of the financial statements.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is £ Sterling..
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Turnover comprises revenue recognised by the company in respect of rent receivable, exclusive of Value Added Tax.
Rent is recognised in the period to which it relates.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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