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Nettleham Developments Ltd
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Notes to the financial statements - continued
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for the year ended 31 August 2024
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2
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Accounting policies - continued
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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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Work in progress is valued at the lower of cost and net realisable value. Cost is calculated using the first
-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their
present location and condition.
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Taxation
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Taxation for the year comprises current and deferred 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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Retirement benefits
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The company operates a defined contribution pension scheme. Contributions payable to the company's
pension scheme are charged to profit and loss in the period to which they relate.
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3
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Average number of employees
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During the year the average number of employees was 4 (2023 - 3).
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5
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