Abbreviated Company Accounts - W & A PROPERTY DEVELOPMENTS 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 received or receivable for goods and services provided in the normal course of business, exclusive or Value Added Tax.

Tangible assets depreciation policy
All fixed assets are initially recorded at cost.

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- Straight line over 25 years

Other accounting policies
Stock
Stock is valued at the lower of cost and net realisable value. Cost in respect of finished goods represents direct materials and other direct costs. Net realisable value is the price at which the stock can be realised in the normal course of business. Provision is made where necessary for obsolete, slow moving and defective stock.

Taxation
Corporation tax is calculated on the results for the year. Tax deferred as a result of timing differences between accounting and taxable profit is provided for in full in respect of deferred tax liabilities. Such provision or recognition is made at the taxation rates at which the differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognised to the extent that they are regarded as recoverable.