Abbreviated Company Accounts - IMPAX DEVELOPMENTS LIMITED

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 April 2008.

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

Other accounting policies
Investments
Fixed asset investments are stated at cost less provision for permanent diminution in value.


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, with the following exceptions:

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold;

Provision is made for deferred tax that would arise on remittance of the retained earnings of overseas subsidiaries, associates and joint ventures only to the extent that, at the balance sheet date, dividends have been accrued as receivable;

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.


Group accounts
The company is entitled to the exemption under Section 398 of the Companies Act 2006 from the obligation to prepare group accounts.

2Fixed assets Investments
Cost
At 1 April 2015 - £1,145,703
Disposals - £(241,000)
At 31 March 2016 - £904,703

Net book values
At 31 March 2016 - £904,703
At 31 March 2015 - £1,145,703

INVESTMENT DETAILS
2016 2015
Subsidiary undertaking £1000 £1000

The company holds 20% or more of the share capital of the following companies:
Company: GWMA Impax Developments (Cyprus) Limited
Country of registration/incorporation: Republic of Cyprus
Nature of business: Property Development Investments
Shares held Class: Ordinary
%: 100%

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves (£) Profit for the year(£)
GWMA Impax Development (Cyprus) Limited 1,950 (4,500)

The investment properties have been valued by the directors on an open market basis. It is based on their experience as property developers and from cross comparison of similar properties within the areas in which the properties are located.

5Transactions with directors

The directors' loans with the company were £755,630 (£731,730-2015) which are due to them by the company. The amounts due are unsecured and not subject to interest. The directors have the discretion to charge interest and set the repayment date.