NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
HSQ Hospitality Limited is a private company, limited by shares, registered in England and Wales, The company's registered number and registered office address can be found on the Company Information page.
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 financial statements have been prepared on a going concern basis despite the company's net liability position and the decision of the directors to abort the plan to set up a restaurant trading through the company. The directors may use the company in the future to facilitate a new restaurant project.
The directors having made appropriate enquiries consider that adequate resources exist for the company to continue in operational existence for the foreseeable future on the basis that the company has received confirmation from its parent of continued support to meet its liabilities as they fall due and has received similar confirmation from its ultimate parent company. The support has been provided for at least one year following the date of approval of these financial statements and will be extended as required to enable the company to meet its debts as they fall due. Therefore, the directors are of the opinion that it is appropriate to adopt the going concern basis in preparing the financial statements.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
All assets have been written off in the year before they were available for use, due to the project being aborted. Therefore no depreciation has been charged in the year.
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.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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