Abbreviated Company Accounts - DAVID M. REES & ASSOCIATES LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements are 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 net amount of services provided, excluding VAT.

Tangible assets depreciation policy
Depreciation is provided at the following annual rates in order to write off each asset
over its estimated useful life:

Furniture and equipment - 25% reducing balance
Motor cars - 25% reducing balance.

Intangible assets amortisation policy
After an impairment review, goodwill is stated at cost on acquisition being below the
net realisable value.

Other accounting policies
WORK IN PROGRESS
Work in progress is valued at the lower of cost and net realisable value. Cost includes
all direct expenditure and an appropriate proportion of fixed and variable overheads.

LEASED ASSETS
Rentals applicable to operating leases where substantially all of the benefits and risks
of ownership remain with the lessor are charged against profit on a straight line basis
over the lease term. Assets held under finance loans and hire purchase contracts are
capitalised and are depreciated over their useful lives. The corresponding loan or hire
purchase obligation is treated in the balance sheet as a liability. The interest element
of the loan obligation is charged to the profit and loss account over the period of the
agreement at a constant proportion of the outstanding balance of capital repayments.

GOING CONCERN BASIS OF ACCOUNTING
The financial statements have been prepared on the assumption that the company is
able to carry on business as a going concern, which the director considers appropriate
having regard to the circumstances outlined in the post balance sheet events note to
the financial statements.

FUTURE TRADING AND THE CURRENT ECONOMIC ENVIRONMENT
Subsequent to the financial year end the company has continued to trade on a
satisfactory basis. The company does not have any borrowings and the director
has adopted the going concern basis of accounting in the preparation of these
financial statements.