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MADINGLEY DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Madingley Developments Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is 2 Lansdowne Road, Cambridge, CB3 0EU.
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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and 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 presentational currency is GBP and the figures are rounded to the nearest pound.
The following principal accounting policies have been applied:
The Company had net liabilities of £1,072,325 as at 31 March 2025 (2024 - £1,125,858). The financial statements are prepared on the going concern basis on the assumption that the Company will continue to receive financial support from the bank, directors and connected companies to provide sufficient funds to enable it to meet its liabilities as they fall due.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Turnover from the sales of property is recognised on exchange of contracts.
Turnover from the rental of the apartments is recognised on the basis of occupation by tenants.
Interest income is recognised in profit or loss using the effective interest method.
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STOCKS AND WORK IN PROGRESS
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Stocks and work in progress comprise costs incurred and carried forward under ongoing development projects and are shown at the lower of cost and net realisable value.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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