FLIGHTPATH FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Flightpath Freehold Limited is a private company limited by shares and registered in England & Wales. The address of its registered office and principal place of business is First Floor, Lumiere, Elstree Way, Borehamwood, England, WD6 1JH.
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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
The company meets its day to day working capital requirements through loans from the shareholders.
Existing funding facilities indicate that the company has adequate resources to continue with some level of activity from a minimal to full levels.
After reviewing the company's funding facilities, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The director therefore continues to adopt the going concern basis in preparing the financial statements.
Revenue comprises contributions towards the Company's administrative expenditure receivable from the shareholders and is recognised in the period that it was contractually due.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Short term debtors are measured at the transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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 other third parties.
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