GUILDHALL ESTATES (LEIGHTON BUZZARD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
Guildhall Estates (Leighton Buzzard) Limited 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 (£).
In the opinion of the directors, continued financial support from Earlplace Limited will be available such that the company will continue trading and satisfy its financial commitments. Accordingly, the financial statements are prepared on a going concern basis.
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 and other third parties and loans to related parties
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.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Tax is recognised in the Statement of income and retained earnings, 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.
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The average monthly number of employees, including directors, during the year was 2 (2019 - 2).
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