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BELSIZE COURT PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Belsize Court Properties Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is 135 Bramley Road, London, NW14 4UT.
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
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General maintenance and management
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The general maintenance and management of the property, over which the company holds the freehold title, is undertaken via the management of Kernahans Property Specialists who allocate costs to and collect charges from individual leaseholders. Separate statements of account are prepared for leaseholders regarding general maintenance and management.
The company's property is subject to ongoing refurbishment. The works are being undertaken via the management of Kernahans Property Specialists and the individual leaseholders are periodically levied to meet the appropriate costs. Separate statements of account are prepared for leaseholders regarding these costs.
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 represents rent received.
Investment property is carried at fair value determined annually by external valuers 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 the Statement of income and retained earnings.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price.
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