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AEGEUS PROPERTIES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Aegeus Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 00587016. The registered office is 105 - 107 Bath Road, Cheltenham, GL53 7LE.
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 following principal accounting policies have been applied:
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future through funding provided by its parent company, Ceres Estates Limited. For this reason the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
The revenue shown in the statement of comprehensive income represents amounts receivable for the sale of properties completed during the year in the normal course of business, net of trade discounts, VAT and other sales and related taxes.
Other comprehensive income represents other operating income, exclusive of VAT. It includes rental income which is recognised in the period to which the tenancy relates. Where amounts are received from customers in advance of the tenancy period, these amounts are recorded as deferred income and included within creditors.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The company holds units in unlisted Partnerships whose market value cannot be reliably determined. These investments are stated as historic cost less impairment.
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