Horsielands Farm Ltd
Notes to the financial statements
For the year ended 31 July 2024
The company is a private company, limited by share capital, and incorporated in England and Wales. The address of its registered office is: Eastwood Farm Rusper Road, Newdigate, Dorking, Surrey, RH5 5BX.
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 have been presented in £ Sterling and rounded to the nearest £1.
The following principal accounting policies have been applied:
Not withstanding the net current liabilities of £3,056, the accounts have been prepared on a going concern basis as the director is of the opinion that the business has sufficient working capital to meet its foreseeable requirements over the next 12 months. If the going concern basis were not appropriate, adjustments would have to be made to reduce the assets to their recoverable amount, to provide for any further liabilities that might arise, and to reclassify fixed assets as current assets.
Work in progress is stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase made in relation to the land development including labour and attributable overheads.
At each balance sheet date, work in progress is assessed for impairment. If impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price.
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