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BALMCREST HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Balmcrest Homes Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 05037448 and registered office address is The Warehouse Wyndham Arcade, St Mary Street, Cardiff, Wales, CF10 1FH
The presentation currency of the financial statements is Sterling (£).
Monetary amounts in these financial statements are rounded to the nearest £.
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 following principal accounting policies have been applied:
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Critical accounting judgements and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
In preparing the financial statements, the directors have considered the current financial position of the company and likely future cashflows.
The company has recorded a loss in the year and has net current liabilities and net liabilities at the balance sheet date. The company ceased investing in property during a prior period and therefore the continuation of the company is dependent on the continuing support of its related parties.
The directors have assessed the risks facing the business from the current economic uncertainty and implemented measures to address these risks.
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
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