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LINA STORES QS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
Lina Stores QS Limited is a private company limited by shares, incorporated in Englad and Wales (registered number: 12103814). The registered office is 12-14 Denman Street, London, W1D 7HJ.
The financial statements are presented in GBP Sterling, which is the functional currency of the Company.
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:
In assessing the ability of the company to operate as a going concern, management have evaluated current and forecasted operational results, and the solvency of the company. This is the company's first financial period, however the site was not opened at the balance sheet date. While the company is in a net deficit position and is currently dependent on funding from various sources including various group companies, the director's believe that the company will be able to meet its obligations for a period of at least 12 months. Therefore, the director's agree that it is appropriate to prepare the accounts on a going concern basis.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Assets are depreciated from the date they are available for use, which is defined as the point at which the asset is in the location and condition for it to be capable of operating in the manner intended by management.
Where an asset has been acquired or constructed but is not yet brought into use, no depreciation is charged and the asset is held at cost. The carrying value of assets not yet in use is reviewed regularly to ensure it does not exceed the recoverable amount and any impairment is recognised in accordance with the relevant accounting standards.
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