|
ODYSSEY REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
Odyssey Real Estate Limited is a private company, limited by shares, incorporated and domiciled in England. The address of the registered office is 30a High Street, Aldridge, Walsall, WS9 8LZ.
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 company is dependant upon the support from its directors. The directors have indicated that they will continue to provide finanicial support to the company for the foreseeable future. Accordingly, these financial statements have been prepared on the going concern basis.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete.
Other income receivable is the amount receivable from the short term rental of properties held as work in progress whilst awaiting sale.
Short term debtors are measured at transaction price, less any impairment.
Short term creditors are measured at 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.
Interest income is recognised in profit or loss using the effective interest method.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Tax is recognised in the Statement of income and retained earnings, 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.
|