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VERIDION PARK MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Veridion Park Management Company Limited ("the Company") is a private company limited by shares, incorporated in England and Wales. Its registered office is 45 Westminster Bridge Road, London, SE1 7JB.
The company is responsible for incurring the running expenses of the estate known as Veridion Park, Thamesmead, Kent and recovering these from the occupiers by way of service charges.
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 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:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).
This information is included in the consolidated financial statements of Peabody Trust as at 31 March 2025 and these financial statements may be obtained from Peabody Group, 45 Westminister Bridge Road, London, SE1 7JB.
In accordance with the terms of the leases and deeds of covenant, revenue comprises recharges of directly incurred expenses of the site known as Veridion Park, Thamesmead, Kent excluding discounts, rebates, value added tax and other sales taxes.
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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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.
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