NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Sounion Limited is a private limited liability company, incorporated in England and Wales, with its registered office at 1 Hampstead Gate, 1a Frognal, London, NW3 6AL.
The principal activity of the Company is property development.
The functional and presentation reporting currency is £.
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.
The following principal accounting policies have been applied:
The company meets its day to day working capital requirements through the support of the
shareholder. The director believes that it is appropriate to prepare the financial statements on a going
concern basis which assumes that the company will continue in operational existence with the
continued support of the shareholder.
Interest income is recognised in profit or loss using the effective interest method.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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Land and building development costs
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Land and building development costs are accounted for as work in progress and are valued on the
basis of direct costs plus attributable overheads including interest.
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