Abbreviated Company Accounts - CRYSTAL FOUNTAIN PROPERTIES LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Tangible assets depreciation policy
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

No depreciation has been charged on the property as the directors believe that the estimated depreciation for the current year and on a cumulative basis will not be material.

Freehold Property: 0%

Other accounting policies
Going concern
Crystal Fountain Properties Limited made a loss in the year and has net liabilities. The company is dependent on the support of its shareholder, and creditors to continue as a going concern. The shareholder has indicated that they will continue to provide support to the company to meet its liabilities as they fall due for the foreseeable future. Accordingly, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Should the support not be forthcoming, adjustments would need to be made to reduce the value of the assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets as current assets.

Foreign currency
Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.