68 BRONDESBURY VILLAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
68 Brondesbury Villas Limited (company number: 06061270) is a private company limited by shares, incorporated in England and Wales. The registered office is 113 Brent Street, London, NW4 2DX. The trading address is 68 Brondesbury Villas, London, NW6 6AD.
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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 financial statements are prepared in GBP sterling, which is the functional currency of the Company, Monetary amounts in these financial statements are rounded to the nearest £ (GBP).
The Company has taken advantage of the advantage of the exemption in Financial Reporting Standard 102, section 1A.7 from the requirement to produce a Statement of Cash Flows on the grounds that it is a small company.
The following principal accounting policies have been applied:
Accounts have been restated to reflect rental income receivable, deriving from a lease for a transformer chamber dated April 2017. The accounts have been restated to reflect rental income dating back to the rent commencement date of 1 January 2010, and associated provision for corporation tax payable.
Turnover comprises rental and other property related income exclusive of Value Added Tax.
Turnover in respect of rental income and other recharges of property related expenditure is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding Value Added Tax.
Investment property is carried at fair value determined annually by external valuers or the director on the basis of open market value for its current use. No depreciation is provided in relation to investment properties. Changes in fair value are recognised in the Statement of Income and Retained Earnings.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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