GOLDEN DRAGON FOOTWEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Golden Dragon Footwear Limited (Company no: 07036378) is a private Company limited by shares incorporated in England and Wales. The Company's principal place of business is 3A Holywell Hill, St Albans, Hertfordshire, AL1 1ER.
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 financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.
The following principal accounting policies have been applied:
The Company is reliant on the director and entities under his control to meet its ordinary working capital requirements. The director and entities under his control have sufficient resources to be able to provide the required support and have provided the Company with a letter of support confirming that they will not recall the amounts due in the next 12 months and will continue to make available such funds as are needed by the company to continue in operational existence for the foreseeable future for meeting its liabilities as they fall due for payment.
Having regard to the above, the director believes it appropriate to adopt the going concern basis of accounting in preparing the financial statements.
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.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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