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Easy Property Ventures (clacton) Ltd
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Notes to the financial statements - continued
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for the year ended 31 May 2024
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2
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Accounting policies - continued
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Tangible fixed assets
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated
useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
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Land and buildings:
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Freehold property
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-
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Freehold property is initially recorded at cost, which
includes purchase price and any directly attributable
expenditure.
Investment property is revalued to its fair value at each
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Long leasehold property
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-
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Long leasehold property is initially recorded at cost,
which includes purchase price and any directly
attributable expenditure.
Long leasehold property is revalued to its fair value at e
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Stocks
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Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete
and slow moving items.
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Taxation
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Taxation for the year comprises current taxation. Tax is recognised in the Profit and loss account,
except to the extent that it relates to items recognised in other comprehensive income or directly in
equity.
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Current or deferred taxation assets and liabilities are not discounted.
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been
enacted or substantively enacted by the balance sheet date.
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Deferred taxation
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at
the balance sheet date.
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods
different from those in which they are recognised in financial statements. Deferred tax is measured
using tax rates and laws that been enacted or substantively enacted by the balance sheet date and that
are expected to apply to the reversal of the timing difference.
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probably
that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
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4
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