Abbreviated Company Accounts - HORSECROFT PROPERTIES 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).
The accounts have been prepared on a going concern basis, which is dependent on the continuing support of the directors.

Turnover policy
Turnover represents the net amount invoiced to customers, excluding value added tax.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation.
Depreciation is charged on a reducing balance basis calculated to write off the cost of the assets over their estimated useful lives. The applicable annual rates are:
Motor vehicles - 25%
Computer equipment - 25%
Plant and equipment - 25%

Other accounting policies
Stock.
Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving stocks. Cost includes all direct costs.

Deferred taxation.
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.