Abbreviated Company Accounts - PALFREY & WEBB LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
Accounting Policies
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Basis Of Accounting
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The Accounts have been prepared under the Historical Cost Convention in accordance with applicable accounting standards and the Financial Reporting Standards For Smaller Entities (Effective April 2008).

The company has taken advantage of the exemptions in the Financial Reporting Standard Number 1 from the requirement to produce a Cash Flow Statement on the grounds that it is a small company.

Turnover policy
Turnover represents total sales less Value Added Tax.

Tangible assets depreciation policy
Depreciation
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Depreciation is provided at the following rate to write down the cost or valuation, less estimated residual values, of all tangible fixed assets, with the exception of freehold land, over their expected useful lives:-

Long term Leasehold Properties Nil

Valuation information and policy
Investment Properties
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Investment properties are internally valued by the Directors every year at their open market value, subject to a true and fair override for the non-depreciation of the property.

Other accounting policies
Deferred Taxation
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Provision is made for deferred taxation using the liability method, which takes account of the timing differences between the incidence of income and expenditure for taxation and accounting purposes, except to the extent that the Directors consider the liability to taxation is unlikely to arise.