HOULTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
The Company is a private limited company, which is incorporated and registered in England (no. 07571754). The address of the registered office is Maling Exchange, Hoults Yard, Walker Road, Newcastle upon Tyne, NE6 2HL.
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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The following principal accounting policies have been applied:
The Company had net assets of £327,871 as at 31 March 2020.
The Directors have prepared cash flow forecasts covering a period of 14 months from the date of the approval of these financial statements which indicate that, the Company will have sufficient funds to meet its liabilities as they fall due for that period.
The annual budgets and forecasts take account of the expected changes in the trading performance due to the COVID-19 risk and inherent uncertainty around the impact of the pandemic on the UK society and economy. These budgets and forecasts demonstrate that the Company expects to be able to operate within its current facilities.
The Directors having assessed the risk to the firm and concluded that it is not significantly exposed and it is well placed to continue to operate and manage the situation.
Consequently, the Directors are confident they will have sufficient funds to continue to meet liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on the going concern basis.
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Exemption from preparing consolidated financial statements
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The
Company
, and the
group
headed by it, qualify as small as set out in
section 383 of the Companies Act 2006
and the parent and
group
are considered eligible for the exemption to prepare consolidated accounts.
Investments in subsidiaries are measured at cost less accumulated impairment.
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