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Ferdplot Limited
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Notes to the financial statements - continued
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for the year ended 31 March 2026
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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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The company’’s freehold properties were professionally valued in 1995. This valuation has been reduced by subsequent depreciation. Under the transitional provisions of the Financial Reporting Standard for Smaller Entities (effective January 2015) the properties continue to be stated at that valuation less accumulated depreciation to date and that valuation has not been updated. The company’’s freehold properties are revalued in full when it is likely that there has been a material change in value. No depreciation is provided on the company’’s freehold properties since in the opinion of the directors the expected useful lives are sufficiently long and the estimated residual values are sufficiently high that any such depreciation would be immaterial. The directors undertake an annual impairment review of these properties.
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Plant and machinery etc.:
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Fixtures & fittings
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-
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15% straight line
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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 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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