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MY PROPERTY FILE 4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2023
My Property File 4 Limited is a limited company domiciled and incorporated in England and Wales. The registered office is Unit 213-214 Longcroft House, 2-8 Victoria Avenue, London, England, EC2M 4NS
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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
Revenue from the sale of properties is recognised when the significant risks and rewards of ownership have transferred to the buyers, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity and the costs incurred, or to be incurred, in respect of the transactions can be measured reliably. This is usually on legal completion of the sale.
Stock are stated at cost. Cost includes all costs of purchase and other costs incurred in bringing the stock to suitable condition. Stock represents properties held for resale.
Short term debtors are measured at transaction price, less any impairment.
Short term creditors are measured at the transaction price.
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Finished goods and goods for resale
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