Abbreviated Company Accounts - HALLYARDS LTD

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.

Turnover policy
Turnover represents the total invoice value, excluding value added tax, of services provided during the period.

The company provided property management services to the directors at full market rate.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life as follows:

Land and buildings - Subject to impairment review
Fixtures, fittings and equipment - 20% reducing balance

Other accounting policies
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated bit not reversed at the balance sheet date where transactions or events have occurred at that date that will result inn an obligation to pay more, or a right to pay less or to received more, tax, with the following exceptions:

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.

Provision is made for deferred tax that would arise on the remittance of the retained earnings of overseas subsidiaries, associates and joint ventures only to the extent that, at the balance sheet date, dividends have been accrued as receivable;

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

During the period under review the company acquired a rental property from Mr A J & Mrs J M Todd, directors of the company, at market value.

During the period under review the company issued one hundred and ten £1 ordinary class A shares, one hundred and ten £1 ordinary class B shares, one hundred £1 ordinary class C shares and one hundred £1 ordinary class D shares in order to create the capital base of the company.