PORTMAN HOMES (SEVENOAKS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
Portman Homes (Sevenoaks) Ltd is a private company limited by shares registered in England and Wales number 13018144. Its registered office is situated at 54 High Street, Sevenoaks, Kent, TN13 1JG. Its principal activity is that of builders and developers.
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. The company has net liabilities of £286,926 at the end of the year and the ability to meet short and medium term debts is dependent on the success of continuing operations and the ongoing financial support of its management and associated company. The financial statements do not include any adjustment to the amount and classification of assets and liabilities that may be necessary should the company not continue as a going concern.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:
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The average monthly number of employees, including directors, during the year was 3 (2023 - 3).
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Amounts owed by joint ventures and associated undertakings
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Prepayments and accrued income
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