1.1 Basis of Preparation of the Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2 Investment Properties
All investment Propertiesare carried at their most recent valuation .Changes in fair value are recognised in the profit and loss account.
1.3 Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent it relates relates to items recogised in other elements of comprhensive income or directly in equity.
Current and deferred tax is not discounted.
Current and deferred tax is recognised at the amount of tax payable using the rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred Tax
Deferred tax is recognised in respect of material timing differences that have originated but not reversed at the balance sheet date.
Timing difference arise from the inclusion of income or expense in tax assessemnts in periods different from which they are recognised in financial statements.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will recovered againsnt the reversal of deferred tax liabilities or future taxable profits.
1.4 Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover reflects revenue earned from the rendering of services.