Abbreviated Company Accounts - EMSLIE PROPERTIES LTD.

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts are prepared under the historical cost convention modified to include the
revaluation of certain fixed assets and in accordance with the Financial Reporting Standard for
Smaller Entities (effective January 2015).

Turnover policy
Turnover represents the total invoice value, excluding value added tax, of sales made during
the year.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost or valuation less residual
value of each asset over its expected useful life, as follows:
Land and buildings - Nil
Fixtures, fittings
and equipment - 25% straight line
Motor vehicles - 25% reducing balance

Valuation information and policy
Investment Property
Land and buildings are held for investment purposes and are restated annually at its open
market value, with any movement during the year being transferred to the investment property
reserve. No depreciation or amortisation is provided in respect of freehold investment
properties. The directors consider that this accounting policy results in the accounts giving a
true and fair view. Depreciation is only one of many factors reflected in the annual valuation
and the amount which might otherwise be shown cannot be separately identified and
quantified.

Other accounting policies
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.
Deferred tax assets are recognised only to the extent that the directors consider 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.