MICKLEHAM DOWNS HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2021
Mickleham Downs House Limited is a private company, limited by shares, registered in England and Wales. Its registered address and principal place of trading is Beaverbrook Estate, Reigate Road, Leatherhead, KT22 8QX.
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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 following principal accounting policies have been applied:
As at 30 March 2021 the Company has fixed assets of £2,481,765, net current liabilities of £2,478,003 and net assets of £3,762.
The Directors, after making enquiries and considering the available resources and financial forecast, have formed a judgement that the Company can and will continue operating for the foreseeable future.
The Directors are satisfied that the Company has the continued support of its parent, Beaverbrook Holdings Limited. The Directors are further satisfied that Beaverbrook Holdings Limited has the financial support of its Shareholders and Lender to complete the development project. Furthermore the Directors are satisfied that Beaverbrook Holdings Limited has not been materially financially impacted by the fire on the Estate on 7 March 2022 (see post balance sheet events). On this basis, the directors consider it appropriate to prepare these financial statements on a going concern basis.
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 froom a group company for the use of this Company's land, excluding value added tax and other sales taxes.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
No depreciation has been charged on the freehold property held as fixed assets as the property has not yet been brought into use.
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.
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