BRISTOL OILSKIN & OVERALL PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
Bristol Oilskin & Overall Property Limited is a private limited company, limited by shares, incorporated in England and Wales. Its registered office is located at Fox House, Winterstoke Commercial Centre, Weston Super Mare, BS23 3XP and its registered number is 04062804.
2.
Accounting policies
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Basis of preparation of financial statements
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These financial statements are prepared in accordance with the Companies Act 2006 and Section 1A
of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” as
applied in the context of the small entities regime.
The financial statements have been prepared on a going concern basis.
The following principal accounting policies have been applied:
The Directors have carefully reviewed the future prospects of the company and its future cash flows, including an assessment of the potential impact of the COVID-19 pandemic. The full impact of the COVID-19 pandemic on the business remains uncertain and as a result unquantifiable at this stage. Nevertheless, having assessed this the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future being at least the next 12 months from signing of these financial statements.
Securing tenants for the property have been affected by the pandemic but the directors continue to support the business and discussions are currently in progress with potential new tenants.
For this reason the directors continue to adopt the going concern basis for the preparation of the Financial Statements.
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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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