Abbreviated Company Accounts - CLIFTON DOWN DEVELOPMENT LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents rents receivable during the period exclusive of value added tax.

Tangible assets depreciation policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Plant and machinery - 20% reducing balance

Other accounting policies
Investment properties:
Investment properties are accounted for in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). No depreciation is provided in respect of such properties, other than where the properties are held under a lease which has less than 20 years remaining. Although the Companies Act 2006 would normally require the systematic annual depreciation of fixed assets, it is believed that this policy of not providing depreciation is necessary in order for the accounts to give a true and fair view, since the current value of investment properties, and changes in current value, are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the annual valuation, and the amount which might otherwise have been shown cannot be separately identified or quantified.

Deferred tax:
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.

At 31 May 2014, amounts due from Moorpoint Ltd, the 75% parent company were £889,671. Moorpint Limited is a company incorporated in the United Kingdom.