Basis of accountingHutton Collins and Company Limited ("HCCL") is a private company, limited by shares and is registered inLondon. It isincorporated in the United Kingdom. The address of the Company's registered address is shownon page 1. The nature of the Company's operations and its principal activities are set out in the DirectorsReport on pages 2 and 3.The financial statements are prepared in accordance with applicable United Kingdom law and accountingstandards and in accordance with Financial Reporting Standard 102 (FRS 102) issued by the FinancialReporting Council. A summary of the principal accounting policies adopted is provided below. They havebeen applied consistently throughout the current year and the preceding year. The functional currency of thecompany is considered to be pounds sterling because that is the currency of the primary economic environmentin which the company operates.Accounting conventionThe financial statements are prepared under the historical cost convention, modified to include certain itemsat fair value in accordance with FRS 102.Basis of consolidationThe group financial statements incorporate a consolidation of the financial statements of Hutton Collins &Company Limited and its associate drawn up to 31 March each year.Going concernThe Management Committee has reviewed the cash flow and projected income and expenses over the nexttwelve months from the date of signing of the financial statements and deemed that the group has adequatefinancial resources to meet its obligations because costs will be covered by Hutton Collins Partners LLP. Onthis basis it is therefore appropriate that the group be deemed a going concern and accordingly the financialstatements have been prepared on this basis.InvestmentsInvestments are an associate undertaking and recognised at cost less provisions for impairment.Administration expensesAdministration expenses are recognised in the Consolidated Statement of Comprehensive Income underthe accrual basis.TaxationIn respect of Hutton Collins & Company Limited and the statutory subsidiaries, current tax is provided atamounts expected to be paid (or recovered) using the tax rates and laws that have been enacted orsubstantively enacted by the balance sheet date. Deferred tax, if relevant, is provided in full on timingdifferences that result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax,at a future date, using the tax rates and laws that have been enacted or substantively enacted by the balancesheet date that are expected to apply to the reversal of the timing difference.Foreign currencyTransactions denominated in foreign currencies are translated into sterling at the rate ruling at the dates ofthe transactions. At the balance sheet date, monetary assets and liabilities denominated in foreign currenciesare translated into sterling at the rate ruling on that date. All exchange rate differences are included in theconsolidated statement of comprehensive income.Tangible assetsTangible assets are stated at cost or valuation, net of depreciation and any provision for impairment.Financial assetsFinancial assets and financial liabilities are recognised when the Group becomes a party to the contractualprovisions of the instrument. They are initially measured at transaction price (including transaction costs),except for those financial assets classified as at fair value through profit or loss, which are initially measuredat fair value. Financial assets are derecognised when and only when the contractual rights to the cash flowsfrom the financial asset expire or are settled or the risks and rewards of ownership are substantiallytransferred to another party.Financial liabilities and equityFinancial liabilities and equity instruments are classified according to the substance of the contractualarrangements entered into in accordance with FRS 102. An equity instrument is any contract that evidencesa residual interest in the assets of the Group after deducting all of its liabilities. Financial liabilities arerecognised when the Group becomes a party to the contractual provisions of the instrument and arerecognised at fair value. Financial liabilities are derecognised only when the obligation specified in thecontract is discharged, cancelled or expires.ExemptionsHutton Collins & Company Limited meets the definition of a qualifying entity under FRS102 and hastherefore taken advantage of the disclosure exemptions available to it in respect of its separate financialstatements, when are presented alongside the consolidated financial statements. Exemptions have beentaken in relation to the presentation of a cash flow statement for Hutton Collins & Company Limited.Advantage has been taken of the exemption under FRS 102 Section 33: related parties not to disclosetransactions or balances between group entities that have been eliminated on consolidation between entitiescontrolled by Hutton Collins Partners LLP. There are no other related party transactions which requiredisclosure. Hutton Collins Partners LLP is the largest and smallest group for consolidation. It isincorporated in England and registered at the address noted on page 1.Critical Accounting Judgements and Key Sources of Uncertainty EstimationDue to the nature of the company's business and having considered the key sources of income andexpenditure, balance sheet items and the Group's accounting policies, the directors do not believe there areany critical accounting judgements or key sources of estimation uncertainty.