|
ROMARONG PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Romarong Properties Limited (the 'Company') is a private company limited by shares and incorporated in England and Wales. Its registered office address is Salisbury House, Station Road, Cambridge, CB1 2LA. Its principal place of business is 337 Histon Road, Cambridge, CB4 3NF.
The Company's functional and presentational currency is GBP.
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:
At the balance sheet date the Company had net liabilities of £15,971 (2023 - net assets of £2,319). The financial statements are prepared on the going concern basis on the assumption that the Company will continue to receive financial support from the director and group undertakings to provide sufficient funds to enable it to meet its liabilities as they fall due.
Turnover comprises revenue recognised by the Company in respect of property rental during the year, exclusive of Value Added Tax. Rental revenue is recognised as the fair value of the consideration recevied or receivable and is recognised in the period to which the rent relates.
Investment property is carried at fair value determined annually by the director based on professional advice received and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
|
|
|
CASH AND CASH EQUIVALENTS
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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.
|