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PROPERTY BID AUCTIONEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The Company is a private company, limited by shares, incorporated and domiciled in England within the United Kingdom, registration number 14373384. The Company's registered office is Sterling House, 71 Francis Road, Edgbaston, Birmingham, United Kingdom, B16 8SP.
The company was incorporated on 23 September 2022. The comparative figures cover the period from incorporation to 30 September 2023. These accounts cover the year ended 30 September 2024.
The financial statements are presented in sterling which is the functional currency of the company and the financial statements are rounded to the nearest £1.
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.
Cash flow
Under Financial Reporting Standard 102, the company is exempt from the requirement to prepare a
cash flow statement on the grounds that it qualifies as a small company.
The following principal accounting policies have been applied:
The company has made a loss in the year as a result of initial set up costs and as such has net liabilities at the balance sheet date. The main creditors of the company are the directors who intend to continue to support the company for the foreseeable future and therefore the directors consider it appropriate to prepare the accounts on a going concern basis.
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. Revenue 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 revenue is recognised:
Rendering of services
Revenue 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 revenue 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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