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THE WOODLANDS (CARLISLE) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2022
The Woodlands (Carlisle) Ltd's principal activity is that of a housing developer. The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Agricola House Cowper Road, Gilwilly Industrial Estate, Penrith, Cumbria, CA11 9BN.
The current period is for the period from incorporation (5 February 2021) to 28 February 2022. There is no
comparative period.
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:
Management and the Directors have considered a period of at least twelve months from the date of
sign off when making their assessment with regards to going concern. After consideration of all
factors, including review of forecasted future profitability, headroom in funding facilities, and wider economic conditions, the Directors have continued to adopt the going concern basis in preparing the financial statements.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Land held for development, including land in the course of development untill legal completion on sale of the properties, is initially recorded at cost.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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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