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CASTLEWOOD DEVELOPMENTS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
Castlewood Developments Limited (the "Company") is a private Company limited by share capital, incorporated in England and Wales, registration number 13728004. The address of the registered office is The Sawmill, Colchester Road, Wix, Manningtree, Essex, CO11 2RS.
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:
The Director has prepared forecasts which indicate the Company will be able to meet its liabilities as they fall due and continue to trade for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements. Accordingly, the Director has prepared these financial statements on the going concern basis. In forming this opinion the Director has also obtained confirmation from the Castlewood Holdings Limited's directors of their intention to continue to support the company for a period of at least 12 months from the date of approval of these financial statements.
Turnover 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. Turnover 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:
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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