QUANTA HOMES 6 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020
Quanta Homes 6 Ltd is a private Company, limited by shares, incorporated in England and Wales, registration number
10553092
. The registered office is Chester House, Fulham Green, 81-83 Fulham High Street, London, England, SW6 3JA.
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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
.
These financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.
The following principal accounting policies have been applied:
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Compliance with accounting standards
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The financial statements have been prepared under FRS102 Section 1A small entities. There were no material departures from that standard.
The Company has been loss-making in the year and is in a net liability position at the year end date. The Company has been set up as a special purpose vehicle for the purchase and sale of a property. In the year the Company has incurred professional fees. Planning permission for the property is expected to be obtained during 2020 whereby the property will be developed and subsequently sold. The director is comfortable that with the continued support of the Quanta Group, the Company will be able to meet its liabilities as they fall due for the foreseeable future. Accordingly, the accounts will be prepared on a going concern basis.
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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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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