|
SFK FREEHOLDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
SFK Freeholds Limited ("the Company") is a private company limited by shares and incorporated in England and Wales.
The Registered Office of the Company is Leytonstone House, 3 Hanbury Drive, Leytonstone, London E11 1GA.
The Company's principal activity is to hold reversionary interest in freehold property.
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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The financial statements of the Company have been prepared on a going concern basis. The Company recorded a loss for the financial year of £10,747 (2023: £8,309) and had net liabilities of £84,792 (2023: £74,045) at the balance sheet date.
In the event that the Company requires support, SFK Investments Limited, the Company's immediate parent company, has confirmed that it has undertaken to continue to provide such financial support as the Company requires for its continued operations and will not recall the amounts owed to them at the year end, for a period of not less than twelve months from the date of approval of these financial statements.
As a result of the above, the directors consider it appropriate to prepare the financial statements on a going concern basis.
|
|
|
Foreign currency translation
|
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
|