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Villiers Street Agricultural Land Limited
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Notes to the financial statements
for the year ended 31 March 2021
The company is a private company limited by shares, incorporated and domiciled in the United Kingdom. The address of the registered office is Unit 2, Jubilee House, York Road, Hartlepool, Cleveland, TS26 9EN.
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:
In light of global events which persist at the date of approval of these financial statements, the directors have taken measures to counter the potential impact of Covid-19 on the company’s operations and the resultant financial impact. Contingency plans have been implemented to mitigate the risk to the business. Whilst the risks in this regard cannot be completely mitigated and therefore some level of future uncertainty remains, the directors have adopted measures and assessed the financial implications of associated factors outside their control and do not consider the residual uncertainties to be material to the company’s ability to continue meeting its liabilities as they fall due in the foreseeable future. With the full and continued support of the staff the directors have not found it necessary to utilise any of the Government Coronavirus (Covid-19) business support schemes.
Turnover comprises revenue recognised by the company in respect of rents receivable and land sales, exclusive of Value Added Tax where applicable.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Stock is valued at the lower of cost and net realisable value and relates to stock of land.
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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