Abbreviated Company Accounts - LEAFE & HAWKES LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting
Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the
Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure
requirements of section 1A of FRS 102 have been applied other than where additional disclosure is
required to show a true and fair view.
The financial statements are prepared in sterling , which is the functional currency of the company.
Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the
revaluation of freehold properties and to include investment properties and certain financial instruments at
fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 June 2016 are the first financial statements of Leafe &
Hawkes Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the
UK and Republic of Ireland. The date of transition to FRS 102 was 1 July 2014. The reported financial
position and financial performance for the previous period are not affected by the transition to FRS 102.

Turnover policy
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services
provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair
value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration
is the present value of the future receipts. The difference between the fair value of the consideration and
the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the
goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be
measured reliably, it is probable that the economic benefits associated with the transaction will flow to the
entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of
completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.
The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly
staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably,
revenue is recognised only to the extent of the expenses recognised that are recoverable.

2Fixed assets Investments
Fixed asset investments
2016 2015
£ £
Investments 116,857 116,857