Abbreviated Company Accounts - DRIVEON DEVELOPMENTS LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts are prepared under the historical cost convention modified to include the revaluation of long leasehold investment property and freehold land in accordance with applicable accounting standards.

Turnover policy
Turnover represents rent receivable under operating leases.

Income receivable under operating leases is recognised on a straight line basis over the period of each lease.

Tangible assets depreciation policy
Depreciation of tangible fixed assets other than long leasehold investment property, freehold reversion and freehold land is provided on cost or valuation over their estimated useful lives. The annual rates and methods of deprecation are as follows:-

Furniture, fixtures and fittings 15% reducing balance basis or straight line basis
over 3 years

Valuation information and policy
Long leasehold investment properties are revalued annually on an open market value basis, the surplus or deficit being taken to a revaluation reserve. No depreciation is provided in order for the financial statements to give a true and fair view.

Depreciation is only one of the many factors reflected in the annual valuation, and the amount which might otherwise have been shown cannot be separately identified or quantified.

Other accounting policies
Cash flow statement

The company qualifies as a small company under the Companies Act 2006. The director has elected to take advantage of the exemption under FRS1 not to prepare a cash flow statement.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date. Deferred tax is not recognised when assets are revalued unless, by the balance sheet date, the company has entered into a binding agreement to sell the assets and recognised the gains or losses expected to arise on sale.