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GRANITE MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
Granite Management Company Limited, is a company limited by shares, incorporated in England and Wales. The address of the registered office is 101 Rowlands Avenue Hatch End, Pinner, Middlesex, United Kingdom, HA5 4AW.
The company was incorporated on 20 March 2023, and began trading on 31 March 2023.
The company is a property investment company.
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 financial statements have been prepared on a going concern basis notwithstanding the net current liabilities of £6,294,256. The company has the support of its shareholders and that they will enable the company's liabilities to be met as they fall due for a period of not less than twelve months from the date of signing of these financial statements. On this basis, the directors believe that the preparation of the accounts on a going concern is appropriate.
Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.
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.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The average monthly number of employees, including directors, during the period was 2.
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