GH FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
GH Finance Limited is a private company, limited by shares, and incorporated in England and Wales, registered number 05505357. The registered office is 4 Greengate, Cardale Park, Harrogate HG3 1GY.
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.
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Compliance with accounting standards
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These financial statements have been prepared using FRS102 The Financial Reporting Standard applicable in the UK and the Republic of Ireland, including the disclosure and presentation requirements of Section 1A applicable to small companies. There were no material departures from this standard.
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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 Company is in a net liability position. This is primarily driven by amounts owed to subsidiary undertakings. In the long term profits generated by the Company's subsidiaries will be distributed via dividends to GH Finance Limited to clear its liabilities. As such, no cashflows is required to repay amounts owed to group undertakings.
The Directors are satisfied that the financial resources of the group as a whole will be sufficient to meet liabilities in the long term. However, there will be some short term cash shortfalls, which will be financed by the Company's shareholders, to enable the group to meet its liabilities in the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.
Interest income is recognised in profit or loss using the effective interest method.
Investments in subsidiaries are measured at cost less accumulated impairment.
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