NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2020
Claygate House Limited is a limited company incorporated in England and Wales with its registered office at Cavendish House, 369 Burnt Oak Broadway, Edgware, Middlesex, HA8 5AW.
The principal activity of the Company is that of property development.
The functional and presentational currency of the Company is £ Sterling.
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:
After making enquiries, the directors have a reasonable expectation that the Company will continue to receive support from the loan creditor as required and therefore will have adequate resources to continue to meet all of its liabilities as they fall due for at least twelve months from the date of their approval of these financial statements. Accordingly the directors continue to adopt the going concern basis in preparing the annual report and financial statements.
In reaching this conclusion the directors have given consideration to the impact of ongoing COVID-19 pandemic and concluded that they do not consider this will significantly impact the Company's operations to the extent that it would cast doubt on the ability of the company to continue as a going concern.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like other debtors and creditors, other loans and loans from related parties.
Stocks and work in progress represents development property valued at the lower of cost and net realisable value. Cost for this purpose comprises the original purchase of land and buildings, development expenditure and overheads.
In considering the net realisable of land and properties, it is assumed that developments will be completed and sold in the ordinary course of the Company's business and that they would not be placed on the market for immediate sale.
Short term debtors are measured at the transaction price, less any impairment.
Short term creditors are measured at the transaction price.
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