MARKET BARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEK ENDED 30 JUNE 2024
Market Bars Ltd is a private Company limited by shares and incorporated in England and Wales. Its registered number is 13576809. Its registered office is 9 Holles Street, London, England, W1G 0BD.
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:
Market Bars Limited is a fully owned subsidiary of Cavendish Square Group Ltd and therefore the nature of Going Concern of Market Bars Limited should be considered as part of The Group (Cavendish Square Group Limited).
Group liquidity remains strong. The Directors and management of the business consider there to be strong cash reserves at year end and cash flow from operations will continue to fund Market Bar Limited’s cash requirements through FY25 and beyond.
The Directors and management of the business have reviewed the Group's detailed forecast cash flows for the forthcoming twelve months from the date of the approval of the financial statements and consider that the Market Bars Limited will have sufficient cash resources available to meet its liabilities as they fall due. These cash flow forecasts and re-forecasts are prepared regularly as part of the business planning process. The Director's have also confirmed that the intercompany creditor balance will not be demanded for repayment for at least the next 12 months.
Based on the above indications the Directors believe that it remains appropriate to prepare the financial statements on a going concern basis.
Short-term debtors are measured at transaction price, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
|