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NORTH EASTERN DERBYSHIRE BUSINESS DEVELOPMENTS LIMITED
(A Company Limited by Guarantee)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 15 MONTHS ENDED 30 JUNE 2025
North Eastern Derbyshire Business Developments Limited is a private company limited by guarantee, incorporated in England and Wales (registered number: 02844859). Its registered office is Commerce House, Millenium Way, Dunston Road, Chesterfield, Derbyshire, S41 8ND. The company ceased to trade during the period.
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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of 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 Company's functional and presentation currency is pounds sterling.
The following principal accounting policies have been applied:
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Non-going concern basis of accounting
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The company has ceased to trade and there are no plans to re-commence trade or activity in the company in future. Consequently, the directors have prepared the financial statements on a basis other than going concern. No adjustments have been made to the financial statements as a result of the application of a non-going concern basis of accounting.
Turnover represents the amounts receivable by the company in respect of services provided during the year, and is recognised at the point of delivery of those services.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is no enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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