Abbreviated Company Accounts - BUSTERS LTD

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets, and in accordance with applicable UK accounting standards.

Turnover policy
Turnover represents rent receivable net of VAT.

Tangible assets depreciation policy
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 - 20% per annum

Other accounting policies
Fixed assets
All fixed assets are initially recorded at cost.

Investment properties
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which is leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the applicable standard, SSAP 19, Accounting for investment properties, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the financial statement to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been changed cannot be separately identified or quantified.

Leasing
Rental payable under operating leases are charged to against income on a straight line basis over the lease term.

The directors do not consider that there has been a material movement in value of the properties during the year. The historical cost of these properties is £1,196,642. No depreciation is provided in respect of these properties.