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SQ BOX LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
SQ Box Ltd is a limited company domiciled and incorporated in England & Wales. The
registered office is First floor Kirkdale House, Kirkdale Road, Leytonstone, London E11 1HP.
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:
The directors believe that the company will be able to continue to operate and meet its liabilities as they fall due for a period of at least one year from the date of approval of the financial statements. The financial statements have therefore been prepared on a going concern basis.
Turnover comprises revenue recognised by the company in respect of rent receivable exclusive of
VAT.
Tax is recognised in profit or loss 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.
Investment property, which is property held to earn rentals and/or for capital appreciation, is
measured using the fair value model and stated at its fair value as the reporting end date. The
surplus or deficit on revaluation is recognised in the profit and loss account. The Company annually
then transfers out of the Profit and Loss account to the Investment Property reserve, the net gain or
loss, inclusive of the movement in Deferred tax to ensure the unrealised amounts are separately
shown in the balance sheet
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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