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HAZELWOOD CLOSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 23 MARCH 2026
Hazelwood Close Limited is a private company limited by shares incorporated in England and Wales and its registered office is 20 West Lodge Avenue, London W3 9SF.
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 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 director has considered the cash requirements of the business for at least 12 months from the approval of these accounts and has concluded there are sufficient resources available to the company and therefore considers it appropriate for the accounts to be prepared on a going concen basis.
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
Where the borrowing costs relate directly to the property development then these costs are capitalised.
Stock and work in progress comprises property under development. These costs include the purchase price and related acquisitions costs including financing costs together will other development costs.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately 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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