DOWNING COLLEGE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
Downing College Developments Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is Downing College, Cambridge, CB2 1DQ.
The parent undertaking of the group to consolidate these financial statements is Downing College, Cambridge, a charity registered in England and Wales. The charity's registered office is Downing College, Regent Street, Cambridge, CB2 1DQ.
The Company's functional and presentational currency is GBP.
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 following principal accounting policies have been applied:
The Company had net liabilities of £3,597 (2021 - net assets of £584) as at 30 June 2022. The financial statements are prepared on the going concern basis on the assumption that the Company will continue to receive financial support from its parent undertaking to provide sufficient funds to enable it to meet its liabilities as they fall due.
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
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.
Tax is recognised in profit or loss 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 balance sheet date in the countries where the Company operates and generates income.
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