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REMODERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Remodern Limited is a private company limited by shares, incorporated and registered in England and Wales. The company's registered office is 2 London Wall Place, London, EC2Y 5AU. The Company's registered number is 12184872.
The principal activity of the company is the development of building projects and ownership of real estate.
The Company's functional and presentational currency is GBP, rounded to the nearest £1.
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:
The shareholders have indicated that they will continue to provide further financial support, as is necessary, to enable the company to meet its liabilities as they fall due, over a period of at least 12 months from the date of approval of these accounts. As such, these accounts have been prepared under the going concern basis.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Assets under construction are held at cost until such time as the fair value becomes reliably determinable or construction is complete.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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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