WOAD PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024
Woad Property Limited is a private limited company limited by shares, incorporated in England and Wales (registered number: 15003086). Its registered office is 2 Old Wool Lane, Cheadle Hulme, Cheadle, Greater Manchester, SK8 5JB. The principal activity of the Company throughout the period continued to be that of letting and operating of own or leased real estate.
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 Company's functional and presentation currency is pounds sterling.
The following principal accounting policies have been applied:
As at 31 July 2024, the Company had an excess of liabilities over it's total assets amount to £7,415. However, the financial statements have been prepared on a going concern basis as, in the opinion of the Director, the future profitiability and cash generation of the Company will enable the Company to meet it's liabilities.
Rental income represents the rents due for the period under operating leases, all of which relate to properties in the United Kingdom.
Tax is recognised in the Statement of Income and Retained Earnings.
The current 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.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings.
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