DERWENT RISE (SEATON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
Derwent Rise (Seaton) Limited's principal activity is development of building projects. The company is a private company limited by shares, registered in the United Kingdom. The address of the registered office is Agricola House, Cowper Road, Gilwilly Industrial Estate, Penrith, Cumbria, CA11 9BN.
The current period is for the 16 month period from its incorporation (14 November 2022) to the year ended 31 March 2024. There is no comparative period.
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
They are presented in pounds sterling and rounded to the nearest £.
The following principal accounting policies have been applied:
Mamangement and the Directors have considered a period of at least twelve months from the date of sign off when making their assessment with regards to going concern. After consideration of all factors, including review of forecasted future profitability, headroom in funding facilities and wider economic conditions, the Directors have continued to adopt the going concern basis in preparing the financial statements.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost includes all expenditure directly attributable to the development.
Upon the sale of properties, stock is reduced by a proportionate amount based upon the sales value against total forecasted sales.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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