J B W PROPERTIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
J B W Properties UK Limited is a private company limited by shares incorporated in England and Wales under the Companies Act. The address of its registered office is Appletree Farmhouse, Smee Lane, Great Plumstead, Norwich, NR13 5AX.
The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £.
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:
Following the year end the company has been affected by restrictions imposed by the UK Government in response to the COVID-19 pandemic. The company has completed its major development projects and is considering its options. There are insignificant ongoing costs and as such it has been unaffected by the COVID-19 pandemic. The directors are therefore confident that the company has adequate cash reserves to meet its liabilities as they fall due and is a viable going concern for the forthcoming 12 months. Accordingly, the financial statements do not contain any adjustments that would be required if the company were not able to continue as a going concern.
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.
Interest income is recognised in the Profit and Loss Account using the effective interest method.
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Stocks and work in progress
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Stocks and work in progress are valued at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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