NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Percy Circus Ltd is a private limited liability company registered in England and Wales. Its registered office address is at 2nd Floor Connaught House, 1-3 Mount Street (Entrance Via Davies Street), London, W1K 3NB.
The principal activity of the Company is that of property trading and development.
The company's functional and presentational currency is £ sterling.
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:
In the opinion of the Director, she and other associated companies will continue to provide such financial support as may be required to enable the Company to be able to continue to meet its running costs and liabilities as they fall due for at least 12 months from the date of her approval of these financial statements. Based on her current assessment of the situation and available financial resources, the director considers it appropriate to prepare the financial statements on a going concern basis.
Investment property is carried at fair value determined annually by the director 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 the Statement of Comprehensive Income.
Interest income is recognised in profit or loss using the effective interest method.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Stocks and work in progress are stated at the lower of cost and net realisable value. Cost for this purposes comprises the purchase cost of land and buildings, subsequent development expenditure overheads and capitalised interest charges.
In considering the net realisable value of land and property it is assumed that development will be completed and sold in the ordinary course of the Company's business and that they would not be placed on the market for immediate sale.
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