|
WHITE PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
The company is a private company limited by shares which is incorporated under the Companies Act 2006 and registered in England and Wales (no.01811737). The address of the registered office is 2nd Floor, Exchange Court, 1 Dale Street, Liverpool, Merseyside L2 2PP.
These financial statements present information about the company as an individual undertaking; it is a member of a group of companies. The company was dormant throughout the current and prior year.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
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 directors are seeking agreement for the sale of the Company's interest in its joint venture arrangement with the party who has taken over its joint venture partner. The carrying value of the work-in-progress in the financial statements at 30th September 2021 (£1,415,416) reflects achievement of a settlement of £440,000 (after the receipt of £60,000 in January 2013) in addition to extinguishing liabilities in relation to amounts due to the joint venture partner or other members of its group of £613,286 and payments received on account of £362,130. The financial statements have been prepared on a break-up basis rather than a going concern basis as the parent company of White Property Services Limited went into liquidation in February 2010 and, following disposal of the Company's rights attaching to its joint venture with the joint venture partner, White Property Services Limited will cease to trade.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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.
Page 2
|
