NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
RR 42 Limited is a private company, limited by shares, registered in England and Wales, registration number
08950921
. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.
The company has not traded during the year.
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 company's functional and presentational currency is pound sterling.
The following principal accounting policies have been applied:
The director is assessing, on a daily basis, the impact of the significant uncertainty arising from the COVID-19 virus. Whilst the director appreciates there is significant uncertainty surrounding the future economic climate, the company is well placed to address these impacts.
The shareholder has agreed to continue to provide financial support to the company to satisfy its current creditors as detailed in the accounts.
The company is currently non trading and the director does not anticipate any financial obligations for the next 12 months from the date of signature of the financial statements. Therefore the accounts have been prepared on a going concern basis.
Investments in subsidiaries are measured at cost less accumulated 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.
Short term creditors are measured at the transaction price.
The company only enters into basic financial instrument 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 ordinary shares.
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The average monthly number of employees, including directors, during the year was
1
(2019 -
1
)
.
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