LABURNUM COURT RESIDENTS ASSOCIATION (STANMORE) LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 SEPTEMBER 2022
Laburnum Court Residents Association (Stanmore) Limited is a private company limited by guarantee and registered in England and Wales. The address of its registered office is 124 Finchley Road, London, NW3 5JS.
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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 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. The following criteria must also be met before revenue is recognised:
Revenue in respect of service charges is recognised in the period in which the management services are delivered and is measured at the undiscounted cash amount received.
Short term debtors are measured at transaction price, less any impairment.
Investment property comprises a reversionary interest in freehold land which will revert back to the company at the end of the lease term. The property is held at fair value so the land is not depreciated.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions.
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.
Short term creditors are measured at the transaction price.
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