Registered Number 05203268
ASGARD PROPERTY DEVELOPMENT LIMITED
31 August 2014
Notes to the Abbreviated Accounts for the period ended 31 August 2014
Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.
The financial statements have been prepared on a going concern basis in view of the financial support provided by the directors by way of loans to the company. The directors have agreed not to seek repayment of the loans provided to the company until other creditors have been settled.
Turnover represents sales of property and rental income receivable. Property sales are recognised on exchange of contracts.
Valuation information and policy
Stocks of land and property under development are valued at the lower of cost and net realisable value. Net realisable value is based on selling price less anticipated costs to completion and selling costs.