Abbreviated Company Accounts - EARLSGATE PROPERTY INVESTMENTS LIMITED

1Accounting 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.

Turnover policy
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the company’s ordinary activities.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life as follows:

Land and buildings - Nil
Fixtures, fittings
And equipment - 20% reducing balance

Other accounting policies
Investment properties

In accordance with SSAP 19, no depreciation is charged on investment properties.

Investments

Fixed asset investments are at cost less provision for permanent diminution in value.

Deferred Tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax, with the following exceptions:

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to that extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where , on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacements are sold;

Provision is made for deferred tax that would arise on the remittance of the retained earnings of overseas subsidiaries, associates and joint ventures only to the extent that, at the balance sheet date, dividends have been accrued as receivable;

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on a undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Group accounts

The company is entitled to the exemption under Section 398 of the Companies Act 2006 from the obligation to prepare group accounts.

3Fixed assets Investments
The company owns 20% or more of the following companies:

Subsidiary undertakings:
Country of Nature of Holding
registration business
South Stand Development Company Limited UK Property development 99.9% - £1
ordinary shares

Simmons Bilt Clothing Co Ltd UK Clothing manufacture 80% - £1
ordinary shares

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

Capital & Profit for
reserves the year
£ £

South Stand Development Company Limited 499,785 23,641

Simmons Bilt Clothing Co Ltd 382,541 (21,666)