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MOUNT KELLY OVERSEAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
The company is limited by shares, incorporated in England within the United Kingdom. The registered office is Mount Kelly Foundation, Parkwood Road, Tavistock, Devon, PL19 0HZ.
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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The directors continue to consider the ongoing operations of the business following the pandemic and the subsequent impact on the international schools market. Expenditure is being kept to a minimum.
The Mount Kelly Foundation has indicated it will continue to provide support for the company for the foreseeable future. In light of this, the directors consider it appropriate for the financial statements to be prepared on a going concern basis.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Amounts owed to group undertakings
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Page 2
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