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BREITHORN DEVELOPMENT LIMITED (FORMALLY K2 DEVELOPMENTS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
Breithorn Development Limited (formerly K2 Developments Limited) is a private company limited by shares, domiciled in England and Wales.
The registered number is 10557779 and the address of its registered office and principal place of business is 3 City Place, Beehive Ring Road, London Gatwick Airport, Gatwick, RH6 0PA.
The principal activity of the Company during the year was the development of building projects.
The financial statements are presented in Sterling, which is also the functional currency of the Company.
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:
At the Balance Sheet date the Company has net liabilities of £113,190 (2017: £74,657).
The financial statements have been prepared on a going concern basis as the Directors will continue to support the Company.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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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