Abbreviated Company Accounts - NAL ASSET MANAGEMENT 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.

Turnover policy
The turnover shown in the profit and loss account represents amounts receivable for services provided during the period, exclusive of Value Added Tax.

Tangible assets depreciation policy
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Motor Vehicles - 25% per annum, reducing balance
Equipment - 25% per annum, straight line
Aircraft - 10% per annum, straight line

Other accounting policies
Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on a 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.


Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

3Fixed assets Investments
The company owns 100% of the issued share capital of the company listed below:

2014 2013
£ £
Aggregate capital and reserves

Airfotos Limited 2,479 12,384

Profit and (loss) for the year

Airfotos Limited (6,862) 11,975

The information for Airfotos Limited relates to the year ending 30 April.

5Transactions with directors

The maximum amount outstanding (due to the company) during the year was £16,921. Interest of £25 was paid to the company in respect of the amounts outstanding.