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DRISTERNAN PROPERTY SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Dristernan Property Solutions Ltd (the 'Company') is a private Company limited by shares, registered and incorporated in England and Wales. The Company's registered number is SC734740. The Company's registered office is Forvis Mazars LLP 2nd Floor, 100 Queen Street, Glasgow, United Kingdom, G1 3DN.
The principal activity of the Company is letting and operating own real estate.
The Company was incorporated on 7 June 2022 and commenced trading on 1 July 2022.
These financial statements have been presented in Pound Sterling (£) as this is the currency of the primary economic environment in which the Company operates and is rounded to the nearest pound.
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:
Having considered the aforementioned, and after making enquiries, the Directors have a reasonable expectation that the Company had adequate resources to continue in operational existence for the foreseeable future, a period of atleast 12 months from the signing of these financial statements. Accordingly, the Company continues to adopt going concern basis in preparing the financial statements.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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