ALEV UK SECURED CREDIT I LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Alev UK Secured Credit I Limited is a private company, limited by shares, registered in England and Wales, registration number 07746707. The address of its registered office is 10 Queen Street Place, London, EC4R 1AG, and its principal place of business is Premier House, 15-19 Church Street West, Woking, GU21 6DJ.The principal activity is financial intermediation.
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:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
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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.
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.
Applying the principles of FRS 102 Section 1A, the risks and rewards associated with the loan receivables reside with Alev Real Estate Credit I Limited the beneficial owner. Accordingly, the loans and advances and the revenues associated with those loans and advances are not reflected within these financial statements.
The Company has entered into agreements that entitle it to a full reimbursement of the expenses that it incurs in its role in the administration of loan receivables from Alev Real Estate Credit I Limited. This income is recognised on an accruals basis.
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