Abbreviated Company Accounts - PUSEY FARMING 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 net invoiced sales of goods, excluding value added tax.

Tangible assets depreciation policy
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Valuation information and policy
Stocks have been valued in accordance with current RICS and CAAV guidance, HMRC helpsheet
HS232 titled "Farm Stock Valuation" (previously BEN19) and Statement of Standard of Accounting
Practice 9 (SSAP9) issued by the Accounting Standards Board.

Consumable stock of seed, fertiliser, sprays, fuel and sundry stores are valued at invoice price, or,
market value if lower.

Growing crops have been valued on a costs of production basis to year end.

Livestock is valued on flock basis at purchase price, homebred stock valued at 75% market value.

Other accounting policies
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at
the balance sheet date.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

The net book value of fixed assets includes £17,850 cattle treated on a herd basis.