Victor (U.K.) Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Victor (U.K.) Limited is a private company limited by share capital incorporated in England, registered number 09637401. The address of the registered office is 6 Oldfield Road, Salford, Manchester, M5 4WB.
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 reliant on the continuing support of the directors and certain related parties, who have confirmed that they will continue to support the company for the foreseeable future. The accounts have therefore been prepared on a 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, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Revenue derived from the sale of speculative developments is recognised upon the transfer of risks and rewards of ownership to the buyer, when there is an exchange of unconditional contracts.
Rental income is recognised in the period this falls due.
Stock of land for development is included at the lower of acquisition cost or net realisable value. Net realisable value for this purpose is the estimated selling value less estimated selling costs.
Work in progress is valued at cost or net realisable value, whichever is the lower. Cost for this purpose includes all direct costs such as direct labour and materials, work done by subcontractors, hire of plant and equipment, and all overheads except those relating to administration. Net realisable value for this purpose is estimated selling values less cost to completion including selling costs.
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The average monthly number of employees, including directors, during the year was 4 (2023 - 4).
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