Vintage Homes Limited
Notes to the Financial Statements
For the year ended 31 December 2018
Vintage Homes Limited is a private company limited by share capital incorporated in England, registered number 02215986. The address of the registered office and principal place of business is No 7 Chandos House, Oak Green Business Park, Earl Rd, Cheadle Hulme, Stockport, SK8 6QL.
The nature of the company's operation and principal activity is that of property development.
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 following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue derived from the sale of speculative developments is recognised upon the transfer of risks and rewards
of ownership to the buyer, when there is an exchange of unconditional contracts.
Rental income is recognised in the period this falls due.
Tax is recognised in the statement of income and retained earnings, 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 reporting date in the countries where the company operates and generates income.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
|