NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
The company is limited by shares and incorporated in England. The address of the registered office is given in the company information page of these financial statements. The company has no specific place of business.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
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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 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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At 31 March 2021, the company had net current liabilties of £414,842 (2020: £414,842), the company is therefore reliant upon the continued support of it's trading subsidiary and of the director who has confirmed his ongoing support for the company.
The Coronavirus pandemic is causing significant financial uncertainty globally and at this stage, it is not
possible to reliably forecast what the long term impact of this may be. Despite the uncertainties that exist, it is
the opinion of the director that the going concern basis of preparation of the accounts continues to be appropriate.
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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.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less 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 average monthly number of employees, including the Director, during the year was as follows:
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