10 THE BROADWAY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
10 The Broadway Holdings Limited ("the Company") is a private company limited by shares, incorporated in England and Wales. Its registered office is 62 Salisbury Road, Walmer, Deal, Kent, England, CT14 7QJ.
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:
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Exemption from preparing consolidated financial statements
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The Company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.
The accounts have been prepared on a going concern basis. The company owes an amount to its wholly owned subsidiary which will not be called upon until this company has made sufficient profits to fully do so. At the time of approval of these accounts the director is of the opinion that the company will continue in operation for the foreseeable future.
Revenue for the period comprised rental income from stock currently held for resale.
Finance costs are charged to the Statement of income and retained earnings 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 the Statement of income and retained earnings in the year in which they are incurred.
Investments in subsidiaries are measured at cost less accumulated impairment.
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