UME PFI INVESTMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
UME PFI Investments Holding Limited is a private company, limited by shares and incorporated in England and Wales, registration number 06326116. The registered office address is Unit 18 Navigation Way, Ashton-On-Ribble, Preston, England, PR2 2YP.
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
These financial statements are presented in sterling which is the functional currency of the Company and are rounded to the nearest £.
The following principal accounting policies have been applied:
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Compliance with accounting standards
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The financial statements have been prepared using FRS102, the financial reporting standard applicable in the UK and Republic of Ireland, including the disclosure and presentation requirements of Section 1A, applicable to small companies. There were no material departures from that standard.
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Exemption from preparing consolidated financial statements
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The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
These financial statements have been prepared on a going concern basis on the basis that the Company will continue to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements. The Directors have performed an assessment of the appropriateness of the going concern basis of preparation. In doing so, the Directors have taken into account the key risks to the business.
The Company generated a profit in the year and remains in a net liability position at the year-end date. The subsidiary was profitable during the same period of review. Over the life of the project, the financing structure is projected to generate sufficient cash flows to meet all its liabilities as they fall due. Accordingly, the Directors have a reasonable expectation that the Company will continue as a going concern and consider it appropriate that the financial statements should be prepared on a going concern basis.
Interest payable is recognised using the effective interest method, which takes into account related fees and transaction costs.
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