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STIRCHES SOLAR FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company is a private limited company, registered in England and Wales, registered number 13622723, with registered address 127 Cheapside, London, United Kingdom, EC2V 6BT. The principal activity of the Company is that of the construction of PV solar plants and the production of electricity. The Company's functional and presentational currency is GBP, the accounts are rounded to the nearest £1.
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:
The Company relies on the continued financial support from its ultimate parent company. This support has been confirmed in the form of a non-legally binding letter of support for a period of at least 18 months from the date of approval of the financial statements. The directors therefore believe that the financial statements have been appropriately prepared on a going concern basis. The directors have considered the impact of the current economic environment on the group's ability to trade and are confident that operations can continue relatively uninterrupted during this period.
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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
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Assets under construction
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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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