|
WHAT ELSE PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
What Else Property Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is Unit 1 Sandridge Park, Porters Wood, St. Albans, Hertfordshire, United Kingdom, AL3 6PH.
The company specialises in renting property.
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:
The financial statements are prepared on a going concern basis, despite the Statement of financial position showing net current liabilities of £422,854 (30 April 2024 - £413,728) which includes amounts owed to a related company of £475,184 (30 April 2024 - £474,707). The directors and related company have indicated their willingness to continue providing financial support to the company to ensure that the company has sufficient current assets to meet its liabilities as they fall due for a period of at least one year from the date of approval of the financial statements. As a result, the directors believe that the preparation of the financial statements on a going concern basis is appropriate.
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.
|