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Notes to the financial statements
Year ended 31 March 2025
The company is a private company limited by shares, incorporated and domiciled in the United Kingdom and registered in England. The address of the registered office is Maddison House, 41 Durham Road, Bishop Auckland, County Durham, DL14 7HX.
2.Accounting policies
These financial statements have been prepared in compliance with FRS 102 section 1A (applicable to small companies) "The Financial Reporting Standard applicable in the UK and Republic or Ireland ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies under the small companies regime and under the historical cost convention.
The following principal accounting policies have been applied:
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Turnover shown is the rental income on assets leased under operating leases and is recognised over
the term of the lease.
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