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BYRNE GROUP RESIDENTIAL LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2019
Byrne Group Residential Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, 85 Great Portland Street, London, England, W1W 7LT.
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 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 following principal accounting policies have been applied:
The company made a profit for the year of £5,681 (prior year loss £16,814) and had a shareholders' deficit at the balance sheet date of £210,686 (prior year £216,636). The company continues to be supported by Anthony Dowle (a director of the company) and its related undertakings for a period of not less than 12 months from the date of approval of the financial statements. The company is currently engaged to construct 3 town houses in south east London, a project that will continue into the next financial year.
The directors consider that it is appropriate to prepare the financial statements on the going concern basis which assumes that the company will continue in operational existence for the forseeable future.
The turnover represents amounts invoiced during the year, exclusive of Value Added Tax.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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The average monthly number of employees, including directors, during the year was
2
(2018 -
2
)
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