Abbreviated Company Accounts - BASSETT RETAIL 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.

The financial statements have been prepared under the historical cost convention and using the going concern basis. The going concern basis is thought to be appropriate because the parent company Bassett Holdings (SW) Limited and fellow subsidiaries Oaktree Stores Limited, Electra Shop Limited and Mandraki Ltd have given undertakings not to withdraw existing funds and to provide additional funds in the event that this becomes necessary. The directors are confident that the support will be forthcoming and so the financial statements do not contain any adjustments that might arise if this support were to be withdrawn.

Turnover policy
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life. Land and buildings leasehold have no depreciation as the directors do not consider it necessary to depreciate leasehold property. The property will be maintained to its current condition and any changes incurred charged to the profit and loss account. Fixtures, fittings and equipment is depreciated at 15% reducing balance.