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ATTADALE PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Attadale Property Limited ("the company") is a private company limited by shares, incorporated in England and Wales. The address of its registered office is 63 Spareleaze Hill, Loughton, Essex, IG10 1BS. Its registration number is 10167717.
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 accounts have been prepared on a going concern basis.
The company receives rental income in respect of its investment property. 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. The following criteria must also be met before revenue is recognised:
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the lease;
- the costs incurred can be measured reliably.
The company considers that rental income becomes payable in accordance with the occupancy of the properties by its tenants, and recognises revenue accordingly.
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Operating leases: the company as lessor
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Rental income from operating leases is credited to the statement of comprehensive income on a straight line basis over the term of the relevant lease.
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 year in which they are incurred.
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