10 THE BROADWAY FREEHOLD MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
10 The Broadway Freehold Management Limited ("the company") is a private company limited by shares and incorporated in England and Wales. The address of the 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 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.
Short term creditors are measured at transaction price.
The accounts have been prepared on a going concern basis. At the time of approval of these financial statements the director is of the opinion that the company will continue in operation for the foreseeable future.
Investment property comprises the freehold interest of property held and is carried at fair value determined by the director based upon the ground rents due per the leases granted. No depreciation is provided. Changes in fair value are recognised in the Statement of income and retained earnings.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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The average monthly number of employees, including directors, during the year was 1 (2022 - 1).
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