Abbreviated Company Accounts - SUSSEX SANDSTONE 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 value of goods and services, net of VAT

Tangible assets depreciation policy
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Leasehold improvements - 15 years and 25 years straight line
Plant and machinery and vehicles - variously 5, 8 and 25 years

Valuation information and policy
Stocks including work in progress are consistently valued at the lower of cost and net realisable value

Other accounting policies
Operating lease commitments - rentals paid are charged to the profit and loss account on a straight line basis over the lease term
Finance leases and hire purchase commitments - such assets where substantially ownership has passed to the company are capitalised in the balance sheet and depreciated over their useful lives. Interest paid is charged to the profit and loss account as a constant proportion of repayments made.

Going concern - the financial statements have been prepared on a going concern basis. The company's ability to continue to trade is dependent upon the support of its directors and its related company WT Lamb Holdings Limited. If this assumption proves to be inappropriate then adjustments may have to be made to the stated value of assets to their recoverable amounts, to provide for any further liabilities which might arise and reclassify fixed assets as current assets.