Abbreviated Company Accounts - POULTON PLAIZ 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
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Turnover in respect of long-term hire contracts is apportioned on a time basis.

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:

Freehold Property - Nil/5% straight line
Fixtures, Fittings & Installations - 10% reducing balance
Caravans, Yacht & Motor Vehicles - 15%/25% reducing balance
Computer & Office Equipment - 20%/33.33% straight line

Other accounting policies
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items

Hire purchase agreements
Assets under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value.

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, with the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where replacement assets are sold.
Deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

The financial statements include the revaluation of the freehold land and buildings that comprise the site in its existing use and condition as at October 2012. The caravan park was valued by Edwards & Partners, specialist chartered surveyors and valuers of caravan parks. The valuation completed on 12 February 2013 was undertaken by P A Edwards FNAEA FICBA and W A Reynolds MRICS. Their professional valuation of the park was £2,500,000. That valuation did not include High Compley Farm, which was previously included in the company's accounts at a cost value of £752,654, but has been included at the balance sheet date at a valuation of £300,000.