SAXLINGHAM ROAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
Saxlingham Road Limited is a private limited company incorporated in England and Wales. Its registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ.
The Company was incorporated on 11 January 2023, and its principal activity is property development. Its activites are undertaken in Norwich.
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 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 financial statements have been prepared on the going concern basis, as the directors consider that the Company, with their ongoing support, has sufficient working capital to continue trading for a period of at least twelve months from the date of the approval of the financial statements.
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
Stocks comprise property in development and is stated at the lower of cost and net realisable value. Cost includes all direct costs, including borrowing costs. Net realisable value represents the estimated selling price less any further costs expected to be incurred to completion and disposal.
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 and 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.
|
|
Cash and cash equivalents
|
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.
|