Abbreviated Company Accounts - BLINDGATE LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements are prepared in accordance with applicable United Kingdom Accounting
Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied
consistently (except as otherwise stated).

Under FRS 1 the company is exempt from the requirement to prepare a cashflow statement on the grounds that it qualifies as a small company.

Turnover policy
Turnover represents rental income receivable during the year together with commission received.
Turnover is recognised when a right to consideration is obtained from the performance of contractual
obligations.

Tangible assets depreciation policy
Tangible fixed assets other than investment properties are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment - 15% reducing balance

Other accounting policies
Investment property

No depreciation is provided in respect of investment property; this constitutes a departure from the
statutory rules requiring fixed assets to be depreciated over their economic lives. The directors consider, as these properties are held for it's investment potential, to depreciate it would not give a true and fair view and therefore it is necessary to adopt SSAP 19 in order to give a true and fair view. If this departure from the Act had not been made the profit for the financial year would have been reduced by depreciation. However, the amount of depreciation cannot reasonably be quantified because 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.

Investments

Current asset investments are stated at cost less provision for permanent diminution in value.

Deferred taxation

Full provision for deferred tax assets and liabilities is provided at current tax rates on differences
that arise between the recognition of gains and losses in the financial statements and their recognition in the tax computation, except for differences arising on the revaluation of fixed assets (if no commitment to sell), or gains on any asset sold that will benefit from rollover relief.