Abbreviated Company Accounts - SOUTH STREET PUBS LTD

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 January 2015.

Turnover policy
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Tangible assets depreciation policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Office Equipment - 25% reducing balance
Land Building - 4% straight line balance

Other accounting policies
Stocks
Stock is valued at the lower of cost and net realisable value.

Balance Sheet Deficiency
The accounts have been prepared on a going concern basis despite the balance sheet
deficiency on the grounds that:-
a) The Directors' have undertaken not to seek repayment of their directors loan accounts
for the following year, if this was to leave the company unable to meet its other obligations
b) The Directors' are confident that future profitability will eliminate the deficiency.
c) The Company has the full support of the bank.

Ultimate Controlling Party
The ultimate controlling party during the period: T West.

Deferred Taxation
Full provision is made for deferred taxation resulting from timing differences between the
recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred
taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the
periods when the timing differences will reverse.

Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the
profit and loss account as they become payable in accordance with the rules of the scheme.