FLEXIBLE TIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Flexible Ties Limited (the company) is a private company, limited by shares and incorporated and domiciled in England. The address of its registered office and its principal place of business is 70 Winchester Street, London, SW1V 4NH.
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:
The company is dependent upon a loan from one of the directors, who has indicated that they will continue to provide the financial support necessary to enable the company to continue in operational existence for the foreseeable future. Accordingly, these financial statements have been prepared on the going concern basis.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, and sales taxes.
Turnover comprises revenue recognised by the company in respect of property sales completed during the year.
Rent receivable is the amount receivable from the short term rental of properties held as work in progress whilst awaiting development.
Properties held as work in progress are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
Short term debtors are measured at transaction price, less any impairment.
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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