WHALE NO1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Whale No1 Limited is a private company limited by shares and registered in England and Wales. The
address of the registered office is 124 Finchley Road, London, NW3 5JS. The Company was incorporated
on 28 March 2022 and commenced to trade on 1 April 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 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 judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
Revenue comprises turnover recognised by the Company in respect of rental income receivable during the year with amounts recognised in accordance with the underlying contractual arrangementon a straight line basis over the term of occupancy and is measured at the fair value of the consideration receivable.
Interest income is recognised in profit or loss using the effective interest method.
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.
On initial recognition, investment properties are recognised at cost and subsequently held at such.
No fair value revaluation is accounted for against said investment properties on the grounds that the director is of the opinion that the fair value of those investment properties held does not materially differ from its historical cost.
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