NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Little Finland Limited ("the company") is a private limited company, limited by shares and incorporated and domiciled in England and Wales.
The address of its registered office is Brockbourne House, 77 Mount Ephraim, Tunbridge Wells, Kent, TN4 8BS.
The address of its principal place of business is Telham Lane, Battle, East Sussex, TN33 0SL.
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 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
Monetary amounts in these financial statements are stated in sterling and rounded to the nearest whole £1.
The following principal accounting policies have been applied:
The company has secured a bank overdraft facility in order to finance its current working capital requirements. The bank overdraft facility is secured by fixed and floating charges over all of the assets and undertaking of Little Finland Limited. In addition, a director of the company has provided a personal guarantee regarding the facility as detailed in note 10 to the accounts.
The directors have pledged their ongoing support for the company and will provide the resources to ensure that the company continues in operational existence for the foreseeable future. The financial statements have therefore been prepared on a going concern basis.
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.
All borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
|