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Notes to the financial statements
Year ended 31 May 2023
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 7a Lakeland Business Park, Lamplugh Road, Cockermouth, Cumbria, CA13 0QT.
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 following principal accounting policies have been applied:
The financial statements are prepared on the going concern basis. The company also continued support from its directors and related companies under the same/similar control who have indicated a willingness to continue support so as to meet any current obligations as they become due. No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided and changes in fair value are recognised in profit or loss
Tax is recognised in profit or loss 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.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
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, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the year was 3 (2021 - 3).
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3
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