HAY SAFARI TENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Hay Safari Tents Limited is a private company limited by shares and incorporated in England and Wales, registration number 07920984. The registered office is The Mill House, 2 Newmarket Road, Cringleford, Norwich, NR4 6UE.
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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The Director has considered the Company’s position at the time of signing the financial
statements, and in particular the effects on the Company of the wider economy. As part of his assessment, he has taken into consideration a number of possible trading performance,
profitability and cash flow scenarios.
Based on this and the on-going support of the Director, the Director has concluded that he has a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements, and he therefore continues to adopt the going concern basis of accounting in preparing these financial statements.
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
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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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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