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34 WALTON STREET COMPANY LIMITED
(A company limited by guarantee)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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.
The principal activity of the company continued to be that of the ownership of the freehold of 34 Walton Street.
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
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The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Revenue consists of ground rents receivable which is recognised in the period in which it is due provided that:
Interest income is recognised in the Statement of income and retained earnings using the effective interest method.
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Tangible fixed assets and depreciation
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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
In the director's opinion the freehold property has an expected residual value at least equal to the cost and therefore no depreciation provision has been made.
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.
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