FLAT 6 TOLWORTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Flat 6 Tolworth limited ("the Company") is a private company limited by shares and registered in England and Wales. The address of its registered office is 62 Salisbury Road, Walmer, Deal, Kent, 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.
The following principal accounting policies have been applied:
These financial statements have been prepared on a going concern basis. The company is part financed by related parties and the director has confirmed support will continue to be provided by these companies for the foreseeable future. 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.
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Rental Income
Rental income is in respect of the longterm leasehold interest in the investment property. Such income is recognised in accordance with the leases granted.
All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.
Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
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