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| 2. |
Summary of Significant Accounting Policies |
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The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements. |
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Statement of compliance |
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The financial statements of the company for the financial year ended 31 December 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006. |
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Basis of preparation |
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The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. |
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Trade and other payables |
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Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. |
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Taxation and deferred taxation |
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Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.
Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date. |
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Foreign currencies |
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Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement. |
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Ordinary share capital |
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The ordinary share capital of the company is presented as equity. |
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| 7. |
Related party transactions |
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The following amounts are due to other connected parties: |
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2024 |
2023 |
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£ |
£ |
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Norwich Acquisition One Limited |
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1,950 |
1,950 |
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Carney Hill Developments Limited |
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690 |
- |
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───────── |
───────── |
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2,640 |
1,950 |
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Norwich Acquisition One Limited
Denise Kennedy is director of Norwich Acquisition One Limited, and her son, Clarke Kennedy is director of Alexandra Park Developments Management Company Ltd Limited. There was £1,950 balance owing to Norwich Acquisition One Limited as at 1st January 2024. During the year, there were net transactions of £nil. As at 31st December 2024, Norwich Acquisition One Limited was owed £1,950 from Alexandra Park Developments Management Company Ltd Limited.
Carney Hill Developments Limited
Clarke Kennedy is director of Carney Hill Developments Limited, and director of Alexandra Park Developments Management Company Ltd Limited. There was £nil balance owing to/from Carney Hill Developments Ltd Limited as at 1st January 2024. During the year, there were net transactions of £690. As at 31st December 2024, Carney Hill Developments Limited was owed £690 from Alexandra Park Developments Management Company Ltd Limited.
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