LIVERPOOL CITY REGION GROWTH (TRADECO) COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Liverpool City Region Growth (TradeCo) Company Limited is a private limited company, limited by shares, incorporated in England and Wales. Its registered office is 1 Mann Island, Liverpool, L3 1BP. The company number is 05046062.
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:
On 1 April 2024, almost all the activity of the Liverpool City Region Growth Company four companies have had their activities transferred into the Liverpool City Region Combined Authority.
Accordingly the directors do not believe this company is a going concern and it is intended to strike this company off the Register at Companies House during 2025.
The accounts are therefore prepared on a basis other than going concern.
Income receivable including grants which excludes value added tax is credited to the income and expenditure account according to the period to which it relates, the deferred element being shown in creditors. Grants are accounted under the accruals model as permitted by FRS 102. The deferred element of grants is included in creditors. Commitments to organisations that apply for financial support are recognised at the point that the commitment is made, rather than relating it to the timing of the underlaying commercial contract for which funding to the organisation is provided.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to surplus or deficit on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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.
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