2Accounting 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.
Basis of Preparation and Exemption from Consolidated Accounts
The company qualifies as a micro‑entity under Section 384 of the Companies Act 2006 and the Small Companies (Micro‑Entities’ Accounts) Regulations 2013. Accordingly, these financial statements have been prepared in accordance with FRS 105: The Financial Reporting Standard applicable to the Micro‑Entities Regime and take advantage of the reduced disclosure requirements permitted by that standard.
Although the company is a parent undertaking, it is exempt from preparing consolidated financial statements under Section 399 of the Companies Act 2006. This exemption applies because the group qualifies as a small group, meeting the size criteria set out in Sections 383–399 of the Act. Therefore, these financial statements present information for the company only and do not include consolidated results for the group.
During the year the company identified that an incorrect valuation policy was applied to the treatment of the fixed asset investment, where the Equity Method was applied when the company's investment was changed to a Subsidiary from an Associate, when the investment carried out a capital reduction which increased the percentage ownership to in excess of 50% without additional cash investment. Details of the impact on the company's accounts is detailed in the Valuation Policy note .

Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Valuation information and policy
The revised valuation policy is to state the value of fixed assets investment as the lower of cost less any accumulated impairment losses. During the year the company noted that the accounting policy of treating its fixed asset investment as an Associate, using the Equity Method, was incorrect and should have been stated at cost.
Impact on the accounts: FY2024
Fixed Asset Revaluation £(503,179)
Deferred Taxation £128,469
Revaluation reserve £ 374,710

Impact on Prior Year FY2023
Fixed Asset Revaluation £(446,610)
Deferred Taxation £114,327
Revaluation Reserve £332,283