NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
Stevmax01 Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2 De Walden Court, 85 New Cavendish Street, London, United Kingdom, W1W 6XD.
The principal activity of the company continued to be that of buying and selling of own real estate.
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:
At the time of approving the financial statements, the directors have a reasonable expectation that the company will have the continued support from its lenders and has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is measured at the fair value of the consideration received or receivable, excluding
discounts rebates, value added tax and other sales taxes.
Turnover represents net invoiced sale of services and property, excluding value added tax. Income
is recognised at the point of service or when property exchanges become unconditional.
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 period in which they are incurred.
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell.
Cost includes all direct expenditure, directly attributable finance costs and an appropriate proportion
of fixed and variable overheads.
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 profit or loss.
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