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IVES STREET DEVELOPMENTS SEVEN LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
Ives Street Developments Seven Limited is a private company, limited by shares, registered in England and Wales, registration number 14121310. The registered office address is 25 Ives Street, London, SW3 2ND.
The company is a property investment and development company. Properties are purchased with the intention that they will be held for their investment potential.
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.
On the basis of information and enquiries that are pertinent to the company’s circumstances and which the directors believe to be adequate, it is appropriate to continue to treat the company as a gong concern. In particular the directors believe that adequate cash resources will be available to cover the company’s requirements for working capital for at least twelve months from the date of signing the financial statements.
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Foreign currency translation
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Functional and presentation currency
The company's functional and presentational currency is pound sterling.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
Short-term debtors are measured at transaction price, less any impairment.
Cash is represented by deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price.
The company enters into basic financial instrument transactions that result in the recognition of financial assets liabilities such as other debtors, trade and other creditors, and loans with related parties.
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The average monthly number of employees, including directors, during the period was 2 (2023 - 2).
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