Really Good Property Ltd
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Notes to the Accounts |
for the year ended 31 March 2020
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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Plant and machinery |
over 5 years |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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2 |
Employees |
2020 |
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2019 |
Number |
Number |
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Average number of persons employed by the company |
0 |
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0 |
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3 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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At 1 April 2019 |
690 |
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At 31 March 2020 |
690 |
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Depreciation |
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At 1 April 2019 |
392 |
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At 31 March 2020 |
392 |
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Net book value |
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At 31 March 2020 |
298 |
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At 31 March 2019 |
298 |
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4 |
Debtors |
2020 |
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2019 |
£ |
£ |
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Other debtors |
1,000 |
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1,000 |
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5 |
Creditors: amounts falling due within one year |
2020 |
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2019 |
£ |
£ |
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Bank loans and overdrafts |
(1,169) |
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(1,169) |
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Trade creditors |
502 |
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502 |
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Taxation and social security costs |
(50) |
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(50) |
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Other creditors |
(52,368) |
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(52,368) |
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(53,085) |
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(53,085) |
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6 |
Other information |
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Really Good Property Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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2 Crescent Road |
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East Grinstead |
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West Sussex |
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RH19 1HP |