Abbreviated Company Accounts - DUXFORD SERVICES 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 January 2015).

Turnover policy
Turnover represents rents receivable in respect of the investment property held.

Other accounting policies
Compliance with and departure from accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

The company has not disclosed the ultimate controlling party which is a requirement of the Financial Reporting Standard for Smaller Entities (effective January 2015). This is a departure from the accounting standard. The director is of the opinion that the non disclosure of this information does not affect the truth and fairness of the financial statements.

Investment properties

Investment properties are included in the Balance sheet at their open market value in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the director, necessary in order to give a true and fair view of the financial position of the company.

Deferred taxation

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

A net deferred tax asset is recognised only if it can be regarded as 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 assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.

Deferred tax assets and liabilities are not discounted.

CREDITORS:
Amounts falling due within one year

Included within other creditors is a loan from the shareholder of £702,520 (2011: £735,338). The loan is accruing interest at 4% on 50% of the loan, the remaining 50% of the loan is interest-free. There is no fixed repayment date.

2Fixed assets Investments
INVESTMENT PROPERTY

Valuation

At 1 January 2015 and 31 December 2015: £1,573,474

The 2015 valuations were made by the directors, on an open market value for existing use basis. The property was initially recorded on an historical basis of £1,573,474. This includes stamp duty land tax and legal and professional fees in acquiring the asset. The director is of the opinion that there is no material difference in the current market value at the balance sheet date and the cost of acquisition. No depreciation is provided in respect of the property.