FOLEY LODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2022
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.
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The company has a year end of 30 December 2022, however the financial statements include all transactions up to and including 31 December 2022, a policy permitted under Companies Act 2006 section 390.
The Company has made a loss during the year.
The parent company Stockford Limited has agreed to provide support and has confirmed to the Company that it will make available sufficient financial resources as required to enable the Company to meet its short term liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements.
In conclusion the directors consider that the Company will have adequate cash and other liquid resources to meet its commitments, and therefore the financial statements are appropriately prepared on a going concern basis.
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The average monthly number of employees, including directors, during the year was 3 (2021 - 3).
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A prior year adjustment has been recognised in respect of the other fixed asset investments which had been incorrectly recognised in this entity. The impact of this adjustment is to decrease the other fixed asset investments and intercompany by £270,422 as at 30 December 2020.
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Related party transactions
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The Company is exempt from disclosing related party transactions with other 100% owned members of the Group headed by Stockford Limited by virtue of FRS 102 section 33.1A.
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