COURT WOLVERHAMPTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
Court Wolverhampton Limited (the company) is a private company, limited by shares, incorporated and domcile in England. The address of its registered office is 85-89 Colmore Row, Birmingham, B3 2BB, which is also the address of its principal place of business.
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:
The company is dependent upon a loan from a third party. The third party has indicated that they will
continue to provide the financial support necessary to enable the company to continue in operational
existence for the foreseeable future while the directors consider the direction the company will be taking. Accordingly, these financial statements have been prepared on
the going concern basis.
Turnover comprises revenue recognised by the company in respect of property sales completed
during the year.
Work in progress is stated at the lower of cost and net realisable value.
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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