Annual Reports Keepmoat Homes Annual Report 2018 | Page 29

Principal consolidated accounting policies
Principal consolidated
accounting policies
for the year ended
31 March 2018
General information Discontinued operations
Keepmoat Limited (the Company) is a private limited
company incorporated and domiciled in the UK. The address
of the registered office is Keepmoat Limited, The Waterfront,
Lakeside Boulevard, Doncaster, DN4 5PL. The nature of the
Group’s operations and its principal activities are set out in
the director’s report. Where a major line of business has been disposed of or
has been classified as held for sale, the business activity
has been treated as a discontinued operation. Following
the agreement to sell Keepmoat Regeneration Holdings
Limited on 1 March 2017, the Regeneration segment of the
business has been treated as a discontinued operation (note
7). The transaction completed on 30 April 2017. The post-
tax profit from discontinued operations for both the current
and preceding period is presented as a single line on the
Consolidated Income Statement.
The financial statements are presented in pounds sterling
because the Group operates exclusively in the United
Kingdom. All financial information is rounded to the nearest
thousand (£’000) except where otherwise indicated.
Basis of preparation
These consolidated financial statements have been prepared
in accordance with International Financial Reporting
Standards (IFRS) and IFRS Interpretations Committee (IFRS
IC) interpretations as adopted by the European Union
and the Companies Act 2006 as applicable to companies
reporting under IFRS.
The financial statements have been prepared under the
historical cost convention except investment property,
available for sale financial assets and retirement benefit
assets and liabilities which have been measured at fair value.
The principal accounting policies applied in the preparation
of these consolidated financial statements have been
consistently applied to all the periods presented, unless
otherwise stated.
Going concern
The directors have considered the adequacy of the Group’s
financial resources through a review of the financial
projections for the business, taking into account the facilities
available to the Group, which include the extension of the
Group’s revolving credit facility to 31 August 2019. The
directors have also considered the covenants attaching to
the facilities and the likely level of headroom available to the
Group.
After careful consideration the directors are satisfied that the
Group and Company have adequate resources to continue
in operation for the foreseeable future being at least twelve
months from the date of signing the financial statements.
For this reason the directors continue to apply the going
concern basis in preparing the financial statements.
Keepmoat.com
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