ST. ANDREWS 16 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024
The company is limited by shares and incorporated in Scotland. The address of the registered office is Blackadders LLP, 10 Euclid Crescent, Dundee, DD1 1AG.
The company was incorporated on 9 May 2023 and commenced trading on 13 November 2023.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
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 financial statements have been prepared on a going concern basis, notwithstanding, the company has net liabilities of £111,987 as at May 24. Included within creditors due within one year are loans in which the lenders have confirmed that they will not seek repayment until the financial position of the company permits. The directors believe the company has sufficient working capital for it to continue trading for at least 12 months from the date of the financial statements are approved.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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The average monthly number of employees, including directors, during the period was 4.
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