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54 CAMBERWELL GREEN LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The company is a private company, limited by shares, registered in England and Wales. The registered address of the company and its principal place of business is Unit 7, The Old Power Station, 121 Mortlake High Street, London, SW14 8SN.
The principal activity is that of property development.
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 company's functional and presentational currency is pound sterling.
The following principal accounting policies have been applied:
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Sale of property
Turnover from the sale of property is recognised when all of the following conditions are satisfied:
∙the company has transferred the significant risks and rewards of ownership to the buyer;
∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the property sold;
∙the amount of turnover can be measured reliably;
∙it is probable that the company will receive the consideration due under the transaction;
and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Other operating income represents rental property income earned in the year, net of VAT.
Stocks of development property are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on an actual basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of comprehensive income.
Short term debtors are measured at transaction price, less any impairment.
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