UA HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
UA Homes Limited is a private limited company incorporated in England and Wales. Its registered office is Salisbury House, Station Road, Cambridge, Cambridgeshire, CB1 2LA.
ts principal trading address is Unit 3, Landwades Business Park, Kennett, Newmarket, Suffolk, CB8 7PN.
The Company's functional and presentational currency is GBP.
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 Company had net liabilities of £3,730 as at 31 May 2024 (2023 - £2,590), however the financial statements are prepared on the going concern basis as the Company benefits from the financial support of its shareholders.
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STOCKS AND WORK IN PROGRESS
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Stocks and work in progress comprises land held for development and costs capitalised and carried forward under ongoing projects and are stated at the lower of cost and net realisable value.
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.
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.
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The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).
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