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L P Freeman Groundworks Limited
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Notes to the financial statements
For the year ended 31 December 2024
LP Freeman Groundworks Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is Sunnymede Hawk Hill, Battlesbridge, Wickford, England, SS11 7RN.
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:
Properties held for sale in the ordinary course of business are classified as stock and are measured at the lower of cost and net realisable value, being the estimated selling price less costs to sell. Cost includes the purchase price, development and construction costs, directly attributable overheads, and, where applicable, borrowing costs capitalised in accordance with Section 25 of FRS 102.
At each balance sheet date, the properties are assessed for impairment. If such properties are impaired, the carrying amount is reduced to selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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.
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The average monthly number of employees, including directors, during the year was 1.
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Creditors: Amounts falling due within one year
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