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NGP Management Company (Town Centre) Limited
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Notes to the financial statements
Year ended 30 December 2022
The company is a private company limited by shares, incorporated and domiciled in the United Kingdom. The registered office is 3rd Floor, Citygate, St James' Boulevard, Newcastle upon Tyne, NE1 4JE.
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:
At the balance sheet date the company had excess liabilities over assets. The directors, having made
due and careful enquiry, are of the opinion that the company, with the support of its parent company,
has adequate working capital to execute its operations over the next 12 months. The directors,
therefore, have made an informal judgement, at the time of approving the financial statements, that
there is reasonable expectation that the company has adequate resources to continue in operational
existence for the foreseeable future. As a result the directors have continued to adopt the going
concern basis of accounting in preparing the annual financial accounts.
Turnover comprises revenue recognised by the company in respect of services rendered during the year, exclusive of Value Added Tax.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The company has no employees other than the directors, who did not receive any remuneration (2021 - £Nil).
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