FARLEIGH (BRASSEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
Farleigh (Brassey) Limited (the Company) is a private company limited by shares, incorporated and domiciled in England. The address of the registered office is 17 Hockley Court, 2401 Stratford Road, Hockley Heath, West Midlands, B94 6NW.
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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The functional and presentational currency of the Company is Sterling (£).
Reveunue is recognised on the sale of land and property on completion.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.
Properties held for resale and options to acquire land are carried as stock, and are stated at the lower of cost and net realisable value. Cost includes directly attributable expenditure in relation to the acquisition and development of properties. Net realisable value is calculated as the estimated market value of the property less costs to be incurred in making a sale.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks, other third parties and related parties.
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