Balance sheet continued

As at 31 March 2025

For the year ending 31 March 2025 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 March 2025

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Tangible fixed assets depreciation policy

  Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided on all property, plant and equipment at rates calculated to write off the cost less estimated residual value of each asset over its estimated useful life as follows:
  Land: Not depreciated
  Buildings: 50 years
  Furniture & Equipment: 5 years
  IT equipment: 3 years
  
  The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.
  

  Valuation information and policy

  Investment property is property held to earn rentals and/or for capital appreciation. Properties are initially recognized at cost, which includes the purchase cost and any transaction costs. At the end of each subsequent reporting period, they are measured at fair value.
  
  Any gains or losses arising from changes in fair value are included in the profit or loss for the period in which they arise.
  
  Deferred tax is provided on gains or losses at the rate expected to apply to the sale of the property.
  

  Other accounting policies

  The Company has elected to apply the provisions of Sections 11 (Basic Financial Instruments) and 12 (Other Financial Instruments Issues). At present, the Company has only entered into transactions which fall within the scope of basic financial instruments. Basic financial instruments such as cash, debtors and creditors, which are classed as receivable or payable with one year, are measured initially and subsequently at the undiscounted amount of the cash expected to be paid or received, unless the arrangement constitutes a financing transaction. Basic financial instruments such as interest bearing loans are initially measured at transaction price and subsequently at amortised cost using the effective interest method. Basic financial liabilities which constitute financing transactions, such as interest free loans, are measured initially and subsequently at the present value of the future payments discounted at a market rate of interest. In the specific case of a basic financial liability that is a loan from a Director who is a Shareholder, or a close family member of such, the Company has applied the exception provided under Sections 11.13A (a) and 11.14 (a) (i), whereby such loans may be recorded at the transaction price.