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AITCHISON RAFFETY (RESIDENTIAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The entity is a private company, limited by shares, incorporated in England and Wales. The registered office is Unit 4, Stokenchurch Business Park, Ibstone Road, Stokenchurch, High Wycombe, HP14 3FE.
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 financial statements are presented in £ sterling, the functional currency, rounded to the nearest £1.
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 directors assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern for a period at least 12 months from the date of approval of the financial statements.
The Company has total net assets of £23,504 at the balance sheet date and no current liabilities. The Company does not trade however has continued support from its trading subsidiary companies. The directors therefore continue to use the going concern basis in preparing the financial statements as they consider this basis to remain appropriate.
Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the accounts.
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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The average monthly number of employees, including directors, during the year was 1 (2022 - 1).
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