LOGAN HOMES (BRAUGHING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Logan Homes (Braughing) Limited is a private Company limited by shares incorporated in England and Wales. The address of its registered office is Tennyson House, Cambridge Business Park, Cowley Road, Cambridge, CB4 0WZ.
The functional and presentational currency of the company is pounds sterling (£) being the currency of the primary economic environment in which the company operates.
The company commenced trading on 1 September 2023.
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 directors consider that the resources avaliable to the Company will be sufficient for it to be able to continue as a going concern.
The financial statements do not contain any adjustments that would be required if the Company were not able to continue as a going concern.
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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less
costs to complete and sell. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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