Abbreviated Company Accounts - P & R CONSTRUCTION MANAGERS LIMITED

1Accounting Policies

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

The company is reliant on the support of its director. The director has confirmed that he will continue to support the company financially for a period of at least one year from the balance sheet date and, on this basis, the accounts have been prepared on a going concern basis.

Turnover policy
Turnover represents amounts receivable for the provision of property development services net of VAT.

Tangible assets depreciation policy
Tangible fixed assets 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:

Motor vehicles 25% Reducing balance

Other accounting policies
Compliance with accounting standards
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).

Stock & work in progress
Work in progress is valued at the lower of cost and net realisable value.

Long term contracts
Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.