VANTAGE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
Vantage Investments Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 101 Rowlands Avenue, Hatch End, Pinner, Middlesex, England, HA5 4AW.
The company specialises in property investment.
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:
As at the reporting date, the company had net liabilities of £346,748 (2023 - £334,918) which indicate that the company may not be able to meet its liabilities as they fall due. At year end, the company owed £338,000 (2023 - £338,000) to companies jointly controlled by a shareholder of the company. The company is reliant on the ongoing support of these creditors in order to keep trading and on the above basis, the director believes that it is appropriate to prepare the accounts on a going concern basis.
Finance costs are charged to the Statement of comprehensive income 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.
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.
Land and buildings have not been depreciated during the year as it is the opinion of the director that their residual value exceeds their cost. This is contrary to Companies Act 2006 which requires that fixed assets should be depreciated, however in the opinion of the director is necessary in order to show a true and fair view of the position of the company.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
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