ST. DAVID'S (NO.1) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
1.
Accounting policies
The financial statements have been prepared on a going concern basis and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland ("FRS 102") and the Companies Act 2006
. The financial statements are prepared under the historical cost convention.
St. David's (No.1) Limited (the ‘Company’) is a private company limited by shares and is incorporated, domiciled and registered in England and Wales (Registered number: 04765790). The nature of the Company’s operations is set out in the Directors' Report on page 1.
The accounting policies which follow set out those policies which apply in preparing the financial statements for the year ended 31 March 2022. The financial statements are prepared in pounds Sterling (£) and are rounded to the nearest pound.
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Financial reporting standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102:
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the requirements of Section 7 Statement of Cash Flows;
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the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); and
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the requirements of Section 33 Related Party Disclosures paragraph 33.7.
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Amounts due from related parties
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Amounts due from related parties are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, amounts due from related parties are stated at amortised cost and, where relevant, adjusted for the time value of money. The Company assesses on a forward-looking basis, the expected credit losses associated with its amounts due from related parties. A provision for impairment is made for the lifetime expected credit losses on initial recognition of the amounts due. If collection is expected in more than one year, the balance is presented within non-current assets.
In determining the expected credit losses, the Company takes into account any future expectations of likely default events based on the level of capitalisation of the counterparty.
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Statement of Comprehensive Income and other primary statements
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There was no activity in the Company for the year ended 31 March 2022 and consequently no Statement of Comprehensive Income has been disclosed.
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Amounts due from related parties
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Amounts due from related parties
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Total amounts due from related parties
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The unsecured amounts due from the related party are interest free, repayable on demand with no fixed repayment date.
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Ordinary shares of £1.00 each
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Page 3
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