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EDGAR HARVEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 22 Stokes Croft, Bristol, BS1 3PR.
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 company made a loss after tax of £3,977 (2021: £2,038), and has net liabilities of £21,658 (2021: £17,681). The financial statements have been prepared on a going concern basis, the validity of which depends on the support of the company's directors and a company which is under common directorship. The directors have indicated that they will continue to make available such funds as are needed by the company and in particular will not seek repayment of the amounts currently made available unless the Company has sufficient cash to make such a repayment. This should enable the company to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment.
The directors of the company have considered cash flow projections for the 12 months from the date of approval of these financial statements, taking account of the directors' support and remain confident that the company is able to continue trading for a period of at least 12 months from the date of approval of these financial statements.
Based on this, the directors have prepared these financial statements on a going concern basis.
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.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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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