Woburn House Property Management Company Limited
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 December 2023
The company is a private limited company, incorporated and domiciled in England and Wales. The company's registered office is 16 Bugbrooke Road, Nether Heyford, United Kingdom, NN3 7LT and their principal activity 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:
Notwithstanding that the company made a loss of £374 (2022: £78) and has net liabilities of £7,715 (2022: £7,341) at the balance sheet date the financial statements have been prepared on a going concern basis. The directors have agreed to continue to provide the funds to support the business in operating for the forseeable future and for a period of at least 12 months from the date of approval of the financial statements.
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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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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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The average monthly number of employees, including directors, during the year was 2 (2022 - 2).
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