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SITS RESTAURANT PROPERTY LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
SITS Restaurant Property Limited is a private limited liability company incorporated in England and Wales with its registered office at 2nd floor Connaught House, 1-3 Mount Street, London, W1K 3NB.
The Company was incorporated on 16 November 2023 and commenced activities on the same date.
The principal activity of the Company is the management of a property lease.
The Company's functional and presentational currency is £ Sterling.
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:
The financial statements of the Company have been prepared on a going concern basis, the validity of which is dependent on the continued support of the parent company and the director. The director has prepared cashflow forecasts for the Company for a period of twelve months from the date of his approval of these financial statements which indicate that, taking into account market conditions as well as sensitivity analysis together with the ongoing financial support of the director, the Company will have sufficient funds to meet its liabilities as they fall due for that period. Accordingly, he continues to adopt the going concern basis in preparing the financial statements.
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.
Short-term debtors are measured at the transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions.
Short-term creditors are measured at the transaction price.
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