MERCIA REAL ESTATE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Mercia Real Estate Properties Limited is a private company limited by shares incorporated and domiciled in England. The address of the registered office is Maddox House, 117 Edmund Street, Birmingham, West Midlands B3 2HJ. The address of the company's principal place of business is 1st Floor, Sixty Circular Road, Douglas, Isle of Man IM1 1AE.
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 is dependent upon the financial support of its other related undertakings. The directors have received assurances from its creditors that they will continue to provide the the necessary financial support to enable the Company to continue in operational existence for the foreseeable future.
Accordingly, these financial statements have been prepared on the going concern basis.
Turnover comprises revenue recognised by the company in respect of property sales completed during the year.
Rent receivable is the amount receivable from the short term rental of properties held as work in progress whilst awaiting development.
Interest income is recognised on a receivable basis.
Investments in subsidiaries are measured at cost less accumulated impairment.
Work in progress is 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.
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