Abbreviated Company Accounts - GORDON ESTATES 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 2015.

Turnover policy
Turnover represents the invoiced value of property and rental income excluding value added tax

Tangible assets depreciation policy
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and Machinery - reducing balance 25%

Other accounting policies
Stocks
Stock and work in progress are valued at the lower of cost and and net realisable value, after due regard for obsolete and slow moving stocks.

Taxation
Corporation tax payable is provided on taxable profits at the current rates.
Deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on a non-discounted basis at average tax rates that would apply when the timing differences are expected to reverse, based on tax rates and laws that have been enacted by the balance sheet date.