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Angegyn Ltd
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Notes to the financial statements - continued
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for the year ended 31 October 2025
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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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Plant and machinery etc.:
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Improvements to property
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-
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Evenly over the lease term
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Plant and machinery
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-
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10% straight line
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Fixtures & fittings
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-
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10% straight line
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Motor vehicles and boat
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-
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Motor vehicles - 25% reducing balance Boat - 10% reducing balance
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Computer equipment
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-
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Hardware - 33% straight line Software - 10% straight line
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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 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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Hire purchase and leasing commitments
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Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
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5
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