Abbreviated Company Accounts - R P B SITEXCEL LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The company is a private company limited by shares, registered in England. The address of the registered office is Wheatland House Bridgnorth Road Much Enlock Shropshire TF13 6AG
Statement of Compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A The Financial Reporting Standard applicable in the UK and Republic of Ireland
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transitions to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1st July 2014. Details of how FRS 102 has affected the reporting financial position and financial performance is given in note 10

Turnover policy
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Tangible assets depreciation policy
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost of valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20% reducing balance
Fittings fixtures and equipment - 25% reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Valuation information and policy
Provisions are recognized when the entity has an obligation at the reporting date as a result of a past event it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably Provisions are recognized as a liability in the statement of financial position and the amount of the provision as an expense
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognized are recognized in profit or loss unless the provision was originally recognized as part of the cost of an asset When a provision is measured at the present value of the amount expected to be required to settle the obligation the unwinding of the discount is recognized in finance costs in profit or loss in the period it arises
Financial instruments A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument . Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument Debt instruments are subsequently measured at amortisation cost
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognized in profit or loss. All other such investments are subsequently measured at cost less impairment.
Other financial instruments including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship Financial assets that are measured at cost of amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairments, an impairment loss is recognised in profit or loss immediately For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognized

Other accounting policies
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period Tax is recognised in the statement of comprehensive income except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves In this case tax is recognizsed in other comprehensive income or directly in capital and reserves, respectively Current tax is recognised on taxable profit for the current and past periods Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date Deferred tax is recognised in respect of all timing differences at the reporting date Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference
Impairment A review for indicators of impairment is carried out at each reporting date with the recoverable amount being estimated where such indicators exist Where the carrying value exceeds the recoverable amount the asset is impaired accordingly Prior impairments are also reviewed for possible reversal at each reporting date When it is not possible to estimate the recoverable amount of an individual asset an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets
Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contribution are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises
Controlling party
The company is controlled by Raymond Bacon by virtue of his majority shareholding
Transition to FRS102
These are the first financial statements that comply with FRS102 The company transitioned to FRS 102 on 1st July 2014
Reconciliation of equity
No transitional adjustments were required
Reconciliation of profit or loss for the year
No transitional adjustments were required