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Durham Gate (North) Limited
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Notes to the financial statements
Year ended 31 August 2024
Durham Gate (North) Limited ('the company') is a private company limited by shares, incorporated and domiciled in the United Kingdom and registered in England. The registered office is No.4 Durhamgate, Spennymoor, Durham, DL16 6FY.
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:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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 balance sheet date in the countries where the company operates and generates income.
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Stocks and work in progress
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Stock is comprised of land and buildings under construction and is held at the lower of cost and net realisable value.
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The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
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3
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