|
CHANDLERS (FARM VEHICLES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Chandlers (Farm Vehicles) Limited is a private company limited by shares incorporated in England within the United Kingdom. The address of the registered office is given in the company information of these financial statements. The company's registration number is 12988972.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention.
The financial statements are prepared in Sterling which is the functional currency of the Company and rounded to the nearest £1,000.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
|
|
|
Financial Reporting Standard 102 - reduced disclosure exemptions
|
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 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Chandlers (Farm Equipment) Limited as at 31 December 2025 and these financial statements may be obtained from Main Road, Belton, Grantham, Lincolnshire, NG32 2LX.
In preparing the financial statements on a going concern basis, the Directors have paid due regard to relevant forecast financial information, including cash flows. In the Directors' opinion, the Company is a going concern for a minimum of twelve months from the date of the approval of the financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Page 2
|