Abbreviated Company Accounts - BARRY COLLEN (HOLDINGS) LTD

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention as modified by the revaluation of investment property and in accordance with the (Financial Reporting Standard for Smaller Entities effective April 2008).

Turnover policy
Turnover comprises rental income receivable by the company in respect of letting their investment and business properties and for the hire of plant and vehicles, exclusive of value added tax.
Turnover is recognised on a receivable basis.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold property - 2% straight line
Long term leasehold property - 2% straight line
Plant and machinery - 25% straight line
Motor vehicles - 20% straight line
Office equipment - 25% straight line
Freehold land is not depreciated.

Valuation information and policy
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.
Investment properties are included in the Balance Sheet at their open market value in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the director, necessary in order to give a true and fair view of the financial position of the company.

Other accounting policies
Deferred tax
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be a suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.

Operating leases
Rentals under operating leases are charged to the Profit and Loss Account on a straight line basis over the lease term.

All assets are held for use in operating leases

3Fixed assets Investments
Fixed asset investments consist of investment property only.
There are no listed investments (2014 - £NONE).

4Transactions with directors

During the year, the directors received dividends from the company as follows:
Mr B Collen - £29,552 (2014 - £30,600)
Mrs K Collen - £29,552 (2014 - £30,600)
Other creditors include amounts payable to the directors of £2,034 (2014 - £27,535).