NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
Athlone House Ltd is a private limited liability company registered in England and Wales. Its registered office address is at 2nd Floor Connaught House, 1-3 Mount Street, London, W1K 3NB.
The principle activity of the company is that of property management.
The company's functional and presentational currency 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:
The company's costs to date have been funded by a creditor who has provided confirmation that they won't request repayment of the loan for the foreseeable future and will continue to provide additional finance as necessary so that the company will be able to meet its working capital requirements for at least 12 months from the date these accounts are approved. Accordingly, the accounts have been prepared on the going concern basis.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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Basic financial instruments
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The company only enters into transactions that result in basic financial instruments such as other debtors, trade and other creditors, cash at bank and in hand and loans from related parties.
Other debtors are recognised initially at the transaction price less attributable transaction costs.
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