NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Luminous Re Ltd is a private company, limited by shares, registered in England and Wales. Its registered office and principal place of trading is Cavendish House, 369 Burnt Oak Broadway, Edgware, Middlesex, HA8 5AG.
The principal activity of the Company 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.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
In considering the net realisable value of land and properties it is assumed that developments will be completed and sold in the ordinary course of the Company's business and that they would not be placed on the market for immediate sale.
Short term creditors are measured at the transaction price.
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, and loans from related parties.
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The Company has no employees other than the director, who did not receive any remuneration (2023 - £NIL).
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Creditors: Amounts falling due within one year
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