Abbreviated Company Accounts - BODMIN AND WADEBRIDGE RAILWAY COMPANY LIMITED

1Accounting Policies

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

Going concern:
The financial statements have been prepared on a going concern basis.

Turnover policy
Turnover represents amounts in respect of donations and legacies received. Where these amounts are intended to contribute towards future expenditure they are treated as deferred income and matched against this expenditure as it is incurred.

Tangible assets depreciation policy
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their respected useful economic life as follows:

Asset Class: Office equipment - Depreciation method and rate: 4 years straight line basis

Other accounting policies
Financial instruments:
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

The company is controlled by Bodmin and Wenford Railway Trust which controls 82.13% of the company by means of it's direct shareholding and those of it's directors and subsidiary company.