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LITCHFIELD BROS. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Litchfield Bros. Limited (''the company'') is a limited liability company incorporated and domiciled in the United Kingdom and registered in England and Wales. The address of its registered office is Derwent Works, Matlock Road, Ambergate, Belper, Derbyshire, England, DE56 2HE.
The financial statements are prepared in Sterling (£), which is the functional currency of the company. The financial statements are for the year ended 31 December 2024 (2023: year ended 31 December 2023).
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 following principal accounting policies have been applied:
Investments in subsidiaries are measured at cost less accumulated impairment.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as other debtors and loans with related parties and investments in ordinary shares.
All financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
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