ERL PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
Drawview Limited (the 'Company') is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 15275182). The registered office address is 26 St James’s Square, London SW1Y 4JH.
The Company was incorporated on 10 November 2023, these financial statements present the results for the 13 month period ended 31 December 2024.
The Company's principal activity is to acquire, develop and hold investment property with a view to generating long-term rental and capital appreciation.
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 Company's functional and presentational currency is GBP.
The following principal accounting policies have been applied:
Revenue is comprised of rental income that relates to operating leases.
Rental income from operating leases and rent free incentives are recognised on a straight-line basis over the term of the relevant lease.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
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