|
|
|
|
VINCENT AB HOLDINGS LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Vincent AB Holdings Limited is a private company, limited by shares, registered in England and Wales with its registered office at 1 Stephen Street, London, England, W1T 1AL.
The principal activity of the Company is that of property investment.
The functional and presentational reporting currency is £ Sterling.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
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:
Because of the fall in value of the investment property the Company made a loss for the year and had net liabilities at the year end. The director is satisfied that rental income will be sufficient to meet ongoing running costs for at 12 months from the date of his approval of these financial statements. Therefore, he considers it appropriate to prepare the financial statements on a going concern basis.
Turnover comprises rent and recharged property costs exclusive of Value Added Tax, and is recognised in the period to which they relate.
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 reporting date in the countries where the Company operates and generates income.
Investment property is carried at fair value determined annually by the director 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 profit or loss.
Short-term debtors are measured at the transaction price.
|