3 Accounting policies
Basis of preparation
The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 28 November 2025. Details of how FRS 102 has affected the reported financial position and financial performance is given in the transition to FRS 102 note.
Going concern
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements
contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group. Judgements and key sources of estimation uncertainty
Income Statement
The company is dormant as defined in section 1169 of the Companies Act 2006. The company incurred no significant transactions during the current period or comparative period.
Operating leases
A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership. Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.