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Laverick Hall Farm Limited
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Notes to the financial statements
Year ended 31 March 2024
The company is a private company limited by shares, incorporated and domiciled in the United Kingdom. The address of the registered office is Hub 1 The Innovation Centre, Venture Court, Queens Meadow Business Park, Hartlepool, TS25 5TG.
2.Accounting policies
The financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland' (FRS 102) and the Companies Act 2006.
The following principal accounting policies have been applied:
At the balance sheet date the company had excess liabilities over assets. The directors, having made due and careful enquiry, are of the opinion that the company, with the support of its related parties, has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informal judgement, at the time of approving the financial statements, that there is reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result the directors have continued to adopt the going concern basis of accounting in preparing the annual financial accounts.
Tax is recognised in profit or loss 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 balance sheet date in the countries where the company operates and generates income.
Work in progress is valued at the lower of cost and net realisable value and relates to expenditure incurred in relation to the development of land and the cost of land held for sale.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the year was 4 (2023: 4).
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3
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