Principal accounting policies – Company for the year ended 31 March 2018
Principal accounting policies – Company
Keepmoat . com 71
Principal accounting policies – Company for the year ended 31 March 2018
Basis of preparation
The Company financial statements of Keepmoat Limited have been prepared in accordance with Financial Reporting Standard 101 “ Reduced Disclosure Framework ” (“ FRS 101 ”) and in accordance with applicable accounting standards and under the historical cost convention except available for sale financial assets which have been measured at fair value .
The financial statements are presented in pounds sterling . All financial information is rounded to the nearest thousand (£’ 000 ) except where otherwise indicated . The principal accounting policies applied in the preparation of these financial statements have been consistently applied to all the periods presented unless otherwise stated .
FRS 101 allows the income statement and balance sheet to be presented in accordance with International Accounting Standard ( IAS ) 1 - Presentation of Financial Statements .
A summary of the disclosure exemptions adopted for the year ended 31 March 2018 is presented below . Equivalent disclosures for financial instruments are included in the Keepmoat Limited Group consolidated financial statements allowing the exemptions to be applied
Area
Disclosure exemption Cash flow statements Exemption from preparing a cash flow statement ( IAS 7 ).
Financial instrument disclosures Exemption from the disclosure requirements of IFRS 7 ( Financial Instruments ) and related IFRS 13 disclosures .
Exemption from the disclosures in respect of management ’ s objectives , policies and processes for managing capital ( IAS1.134 to 136 ).
Related party disclosures
Exemption for related party transactions entered into between two or more members of a group , provided that any subsidiary which is party to a transaction is wholly owned by such a member .
Exemption from disclosure of key management personnel compensation .
Presentation of Financial Statements
Exemption from statement of compliance with IFRS , cash flow information and capital management policy .
The Company has consistently and uniformly applied the accounting policies of the Group set out on pages 26 to 33 insofar as they are applicable to the Company ’ s financial statements prepared in accordance with FRS 101 and subject to the disclosure exemptions above .
Investments
Investments in subsidiaries , joint ventures and associates are recorded in the Company ’ s balance sheet at cost less any impairment . The directors review the investments for impairment when there are indicators of possible impairment .