Abbreviated Company Accounts - BEAUFORT CONSTRUCTION (S-IN-A) 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.

Turnover policy
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its
expected useful life, as follows:
Plant and machinery - 25% Reducing balance basis
Fixtures, fittings and equipment - 20% Reducing balance basis
Motor vehicles - 25% Reducing balance basis

Other accounting policies
Leasing
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

Stock and work in progress
Stock and work in progress are 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 provisions 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 received on account.

Pensions
The pension costs charged in the financial statements represent the contribution payable by the
company during the year.

Deferred taxation
Deferred tax is recognised in respect of all 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.

Transactions with director
During the year the property the company traded from was owned by D & T Ailward, a partnership
involving the company Director. The rent charged in the year on a commercial basis was £17,966 (2012; £17,966). No amounts were due to or from D & T Ailward at 31 March 2015.

Ultimate parent undertaking
The company is a 100% subsidiary of Beaufort Holdings U.K Limited.
The ultimate controlling party is D Ailward, who owns the entire share capital of Beaufort Holdings
U.K Limited.