Hastings and Bexhill Renaissance Limited
(A company limited by guarantee)
Notes to the financial statements
For the Year Ended 31 March 2020
Hastings and Bexhill Renaissance Limited is a company limited by guarantee incorporated in England. The address of the registered office is Innovation Centre, Highfield Drive, St Leonards-On-Sea, East Sussex, TN38 9UH.
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The company's functional and presentational currency is Pounds Sterling.
The company's financial statements are presented in round thousands.
The following principal accounting policies have been applied:
The company has £317,000 included in cash at the bank. The company meets its day to day working capital requirements through its reserves. As a consequence, the directors believe that the company is well placed to manage its business risks successfully with trading activity reduced.
The financial statements have been prepared on a going concern basis. While the continued impact of the Covid-19 virus has been assessed by directors, it is difficult to evaluate the on-going certainty of potential outcomes on the company's trade. However taking into consideration the UK Government's response and the company's planning, the directors have a reasonable expectation that the company has adequate financial resources to continue in operational existence for the foreseeable future.
Development properties are carried at fair value determined by external valuers and then considered annually by the directors. This is based on comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.
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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Cash and cash equivalents
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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.
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