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STRONG OAK PROPERTIES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Strong Oak Properties Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the company information page.
The presentation currency of the financial statements is the Pound Sterling (£).
The comparative period covered by the financial statements is the 8 month period from 1 August 2022 to 31st March 2023. The directors have chosen to shorten the financial reporting date to 31 March of each year in line with the reporting date of other related undertakings. The shortened comparative period should be taken into account when reviewing the information within the financial statements
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:
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Property, plant and equipment
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It is the policy of the company not to provide depreciation on land and buildings. The directors consider that the life of land and buildings are so long and that the residual value is so great that depreciation is not considered appropriate.
Where any permanent diminution of property is incurred, a provision is made in the income statement. The director's estimate of residual value is reviewed annually.
The directors have undertaken to continue their financial support of the company for the foreseeable future. On this basis they believe it is appropriate to prepare these accounts on a going concern basis.
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 reporting date in the countries where the Company operates and generates income.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
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