19-21 BELL STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
The Company is a private company limited by shares and is incorporated in England and Wales.
The principal activity of the Company is that of property development.
The Registered Office address is 35 Ballards Lane, London, N3 1XW.
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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The financial statements have been prepared on the going concern basis as in the opinion of the directors the company will generate future income sufficient to cover the liabilities of the company.
The company has made a loss in the year and has net liabilities. It relies on the support of a group entity which has confirmed its intention to provide support for a period of twelve months from the date of signing of the accounts.
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, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Turnover represents the sale proceeds of property sales completed during the year. Other income relates to the letting of property.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Stock comprises development land and property stated at the lower of cost and selling price less
costs to complete and sell. Cost is based on the cost of purchase.
At each reporting date, stocks are assessed for impairment. If stock is 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.
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