YBMC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
YBMC Limited is a limited liability company registered in England. The registered office of the company is 4-5, York Buildings, London WC2N 6JN.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
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:
Income comprises service charge income which represents maintenance and other administrative costs receivable from the owners of the flats. Income is recognised to the extent that it is probable that the economic benefits will flow to the Company and the income can be reliably measured.
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.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
|
The Company has no employees other than the directors, who did not receive any remuneration (2023: £NIL).
|
|
The average monthly number of employees, including directors, during the year was 0 (2023: 0).
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|