|
|
|
34 WALTON STREET COMPANY LIMITED
(A company limited by guarantee)
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
34 Walton Street Company Limited is a private company limited by guarantee, incorporated in England and Wales, registration number 05041094. The address of the registered office is 51 Lincoln's Inn Fields, London, WC2A 3NA.
2.
Accounting policies
|
|
Basis of preparation of financial statements
|
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:
Revenue represents ground rents receivable.
|
|
Tangible fixed assets and depreciation
|
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to
write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the
following bases:
Land and buildings Freehold
No depreciation is provided in respect of freehold property as the directors believe the value would be highly
immaterial.
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.
|
|
Cash and cash equivalents
|
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.
The Company only enters into basic financial instruments 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 non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to
Page 3
|