|
WEALDKENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Wealdkent Limited (the "Company") is a private company limited by shares, incorporated in England and Wales.
The address of the registered office is Unit 7, Bilton Road, Cadwell Lane, Hitchin, Hertfordshire, SG4 0SB.
The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.
The principal activity of the company is property management.
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:
As at the year end, the Company had net current assets of £1,152,003 and net assets of £2,246,788. The Directors have reasonable expectation that the Company has adequate resources to continue in operational existence for minimum level of 12 months from the date of the approval of the accounts. Therefore, the Directors continue to adopt the going concern basis in preparing these Financial Statements.
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. Rental income is recognised in the period in which the rental occurs, excluding value added tax. 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 contract; and
∙the costs incurred and the costs to complete the contract can be measured reliably
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.
|