|
J&G LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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.
Investment properties are initially recognised at cost which includes purchase cost and any directly
attributable expenditure. After initial recognition, investment properties are carried at fair value
derived from current market rent and investment property yields for comparable real estate; adjusted,
where considered necessary, for differences in either the nature, location and/or condition of the
specific real estate asset. No depreciation is provided against investment properties with changes in
fair value recognised through profit or loss.
In accordance with Financial Reporting Standard 102, the fair value assessment is conducted
annually by the director.
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.
|
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including 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.
|
|