Abbreviated Company Accounts - WISPVILLE 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
Turnover represents the total value, excluding value added tax, of sales made during the year.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible fixed assets, less their estimated residual value, over their expected useful lives as follows:

Land and buildings freehold - no depreciation is provided
Short leasehold property - straight line over the life of the lease
Long leasehold property - straight line over the life of the lease
Fixtures, fittings and equipment - 20% - 25% straight line

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

The company does not revalue its freehold property in accordance with FRS15, in the opinion of the directors the market value is in excess of the net book value, accordingly they have adopted the policy of not depreciating them.

4Fixed assets Investments
Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the profit and loss account in the year in which it is receivable.