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ALBANY COURT (CROMER) FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
The Company is a private company limited by shares incorporated in England and Wales. The address of its registered office is 12 Church Street, Cromer, Norfolk, NR27 9ER.
The Company's principal activity is that of management of the Freehold of Albany Court, Cromer.
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The Directors review and update forecasts to ensure the Company has adequate resources in place. The Directors are confident that the Company has the ability to meet its obligations as they fall due for the foreseeable future, being a period of at least 12 months from the approval of these financial statements.
Accordingly, the Directors consider it appropriate to prepare these financial statements on the going concern basis.
Turnover comprises revenue recognised by the Company in respect of rental income and management fees which are recognised on an accruals basis.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
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