Abbreviated Company Accounts - TIM CLARK 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.

Tangible assets depreciation policy
Fixed assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value,
over the useful economic life of that asset as follows:
Plant & Machinery - 25% reducing balance
Fixtures & Fittings - 15% reducing balance
Equipment - 25% and 15% reducing balance
Investment properties are held at market value. Accordingly no depreciation is charged on
investment properties.

Investment properties

Investment properties are shown at their open market value. The surplus or deficit arising from
the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its
reversal, on an individual investment property is expected to be permanent, in which case it is
recognised in the profit and loss account for the year.

This is in accordance with the Financial Reporting Standard for Smaller Entities (effective April
2008) which, unlike the Companies Act 2006, does not require depreciation of investment
properties. Investment properties are held for their investment potential and not for use by the
company and so their current value is of prime importance. The departure from the provisions of
the Act is required in order to give a true and fair view.

Other accounting policies
Deferred taxation

Deferred tax is recognised in respect of all material timing differences that have originated but
not reversed at the balance sheet date where transactions or events have occurred at that date that
will result in an obligation to pay more, or a right to pay less or to receive more tax.

Deferred tax assets are recognised only to the extent that the directors consider that it is more
likely than not that there will be suitable taxable profits from which the future reversal of the
underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in
the periods in which timing differences reverse, based on tax rates and laws enacted or
substantively enacted at the balance sheet date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the
contractual arrangement, as either financial assets, financial liabilities or equity instruments.

The investment properties were revalued in 2008 by an independent valuer. In the Directors'
opinion these values approximate to the current market value.

3Fixed assets Investments
The fixed asset investment represents a minority holding in Skiwell AG. It is the intention to
hold these shares as a long term investment.