Abbreviated Company Accounts - JOHN NEWLANDS LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Turnover policy
Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances.


Revenue from the sale of goods is recognised when goods are delivered and legal title has passed.

Tangible assets depreciation policy
Depreciation is provided, at the following annual rates in order to write off each asset over its estimated useful life:

Leasehold improvements 10% per annum on a reducing balance basis
Lease premium 10% per annum on a reducing balance basis
Shop and office equipment 25% per annum on a reducing balance basis

No depreciation is provided on freehold land.

Other accounting policies
Stocks
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad or doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad or doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Taxation
Taxation represents the sum of tax currently payable and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset released, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Pension costs
Contributions in respect of the company's defined contribution pension scheme are charged to the profit and loss accounts for the year in which they are payable to the scheme. Differences between the contributions payable and contributions actually paid during the year are shown as either accruals or prepayments at the year end.

2Fixed assets Investments
Investments
m 2016 2015
£ £

At 1 April 2015 1,161,076 1,061,089
Additions 245,791 99,987
Disposals (535,740) -
Gains / (losses) 37,868 -

At 31 March 2016 908,995 1,161,076


Investment property
2016 2015
£ £

At 1 April 2015 2,900,000 4,000,000
Additions 45,298 -
Disposals - -
Gains / (losses) - (1,100,000)

At 31 March 2016 2,945,298 2,900,000

4Transactions with directors