NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
LVLT Ltd is a private limited liability company incorporated in England and Wales. Its registered office is at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, United Kingdom, WD6 1JD; its business address is at Whiteladies Park, Prince Albert Drive, Ascot, SL5 8AQ
The principal activity of the Company is that of property development.
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 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:
In the opinion of the directors the parent company will continue to provide such finance as may be required to enable the Company to meet its financial liabilities as they fall due and for at least twelve months from the date of their approval of these financial statements. On this basis the directors consider it appropriate to adopt the going concern basis in preparing the financial statements.
Turnover comprises revenue recognised by the Company in respect development property sales, exclusive of Value Added Tax.
Development property sales are recognised at the date of exchange of contracts. If completion is conditional upon an external event the sale is recognised at the time the transaction becomes unconditional.
The company's investment in a Limited Liability Partnership ("LLP") is stated at the cost of the company's capital investment adjusted for its share of the LLP's subsequent profits and losses less any capital repayments. The company's share of profits and losses realised by the LLP is recognised in the Statement of Comprehensive Income within investment income. Provision is made for any impairment in the value of the company's share of the LLP.
Stocks and work in progress represent development property valued at the lower of cost and net realisable value. Cost for this purpose comprises the original purchase of land and buildings, development expenditure and overheads.
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.
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