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FRANCIS L JAMES AND PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Francis L James and Partners Ltd is a private company limited by shares, incorporated in England and Wales, with a company registration number of 10908769. The address of the registered office is Kingsley House, 2a Upper King Street, Norwich, NR3 1HA.
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, despite the net liabilities of £83,758 (2023 £80,580), due to the continued support of the company directors.
The company was adversely affected by restrictions imposed by the UK Government in response to the COVID-19 pandemic in 2020 and 2021, which resulted in a complete loss of income for the company, and the company has paused its projects since. The directors consider that the resources available to the company will be sufficient for it to be able to continue as a going concern and have considered a period of at least 12 months from the balance sheet approval date of the financial statements. The financial statements do not contain any adjustments that would be required if the company were not able to continue as a going concern.
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.
Short-term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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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. 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.
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