CITY REGENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
City Regeneration Limited (the Company) is a private company, limited by shares, incorporated and domiciled in England. The address of its registered office is 62 High Street, Henley-in-Arden, Warwickshire, B95 5AN, 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:
At the balance sheet date the company had net liabilities of £3,196 and was dependent upon the financial support of the parent company. The directors have received assurance that this financial support will continue for a period of not less than twelve months from the date of the approval of the financial statements. Accordingly the financial statements have been prepared on a going concern basis.
Land and property held for development and re-sale are stated at the lower of cost and net realisable value. Cost includes the acquistion and related costs and any subsequent costs of development. Net realisable value is based on estimated selling price, less further costs of realisation.
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.
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.
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 directors, during the year was 3 (2022 - 3).
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