JJS CONSTRUCTION & DEVELOPMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
JJS Construction & Developments Limited is a private company, limited by shares, domiciled in England and Wales, registration number 09892324. The registered office is 601 London Road, Westcliff on Sea, Essex SS0 9PE.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
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's development site is now complete and the directors may decide to close the company. The appropriateness of the going concern basis is therefore dependent on whether the company will undertake a new development.
As no formal decision has been made on closing the company and no adjustments to the financial statements would be required had this decision been made, the accounts have continued to be prepared on the going concern basis.
|
|
Stock and work in progress
|
Stocks and work in progress are valued at the lower of cost and net realisable value. Costs include all direct costs and directly attributable overheads excluding interest and finance charges.
Interest income is recognised in profit or loss using the effective interest method.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
|
|
Cash and cash equivalents
|
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. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 3
|