MORCOM WOODLEY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Morcom Woodley Developments Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 3 Brook Business Centre, Cowley Mill Road, Uxbridge, Middlesex, UB8 2FX.
The principal activity of the company continues to be that of property development.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
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 financial statements have been prepared on a going concern basis, notwithstanding the net liabilities of £33,113 (2023 - £30,838), which the directors believe to be appropriate for the following reasons.
The parent company, Morcom Woodley Holdings Limited, was owed £669,248 (2023 - £667,248) as at the Statement of financial position date. The parent company has provided the company with confirmation that they will continue to fund the development project and will not seek repayment of the loan until such a time as the company has sufficient funds to do so. On the above basis, the directors consider that the preparation of the financial statements on a going concern basis is appropriate.
Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Stocks comprise of property developments and are valued at the lower of cost and net realisable value. Costs include all direct costs of the property to arrive at its current condition.
At each reporting 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 the Statement of comprehensive income.
|