SALMON PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Salmon Properties Ltd is a private company, limited by shares, registered in England and Wales. The company's registered office is 2nd Floor, Prince Frederick House, 35-39 Maddox Street, London, W1S 2PP.
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 financial statements are prepared in pound sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest pound.
The following principal accounting policies have been applied:
The Directors have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future. In making this assessment the Directors have considered the impact of the coronavirus outbreak (COVID-19) and the conflict in Ukraine on the Company, its employees, customers and third-party suppliers. While these events have had a significant impact on the global economy, and there is uncertainty how long they will continue to do so, the Directors do not believe they impact the use of the going concern basis of preparation nor do they cast significant doubt about the Company's ability to continue as a going concern for a period of twelve months from the date when the financial statements were authorised for issue. The Directors consider the Company's operations and capital base are sufficiently strong that they will not be significantly affected. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
Revenue is measured as the fair value of the consideration received or receivable on development contracts, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised when the risks and rewards of ownership have transferred to the buyer, usually on the completion of a contract, when the amount of revenue can be measured reliably and it is probable that economic benefits associated to the transaction will flow to the entity.
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.
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