LEWIS & SCOTT RETIREMENT LIVING TOLLESBURY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Lewis & Scott Retirement Living Tollesbury Limited is a private company limited by shares and incorporated in England and Wales, registration number 14241741. The registered office is 1 Claydon Business Park, Great Blakenham, Ipswich, Suffolk, IP6 0NL.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The company's previous financial statements were prepared from incorporaton on 18 July 2022 to 31 March 2023. The financial statements are therefore not entirely comparable.
The Directors have considered the Company's position at the time of signing the financial statements, including the review of forecasts for at least the next 12 months from approval. The ultimate parent undertaking has confirmed that they will provide continued support to the company. Based on this, the directors have concluded that they have a reasonable expectation that the company will have adequate resources to continue in operational existance for the forseeable future, and they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting 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 debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
|