FOLEY LODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2019
Foley Lodge Limited is a private company limited by shares, incorporated in England and Wales. The registered address is Buckingham House, West Street, Newbury, Berkshire, RG14 1BE.
The company is dormant and did not trade during the current or previous year.
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
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The company has a year end of 30 December 2019, however the financial statements include all transactions up to and including 31 December 2019, a policy allowed under Companies Act 2006 section 390.
The Directors of the Company have prepared the financial statements on a going concern basis despite the Company being in a net current liabilities position of £332,791 (2018: £332,791) at the year end.
In assessing whether the going concern basis is appropriate, the Directors take into account all available information about the future, which is at least, but not limited to, 12 months from the approval of these financial statements. The Directors have performed this review at a company level and have also performed a review for the entire group as disclosed in the financial statements of the ultimate parent company, Stockford Limited.
The Directors have a reasonable expectation that the Company has adequate resources, and will continue to be supported by its ultimate parent company as necessary, to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing these financial statements.
Fixed asset investments are measured to market value at each balance sheet date. Any gains and losses on re-measurement are recognised in the profit and loss account of the of the company’s parent company and reflected in the intercompany loan account in Foley Lodge Limited.
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.
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