Abbreviated Company Accounts - BYVIEW 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 rental income from investment properties, which is recognised on an accruals basis, with any outstanding rental income at the year end included within trade debtors. Any rent received which relates to future periods is included as deferred income.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful, life as follows:
Fixtures, fittings & equipment – 15% reducing balance

Valuation information and policy
The investment property is revalued annually at its open market value in accordance with FRSSE (effective January 2015). Any surplus or deficit on revaluation is transferred to a revaluation reserve except where the deficit permanently reduces the property below its historical cost, in which case it is taken to the profit and loss account.

No depreciation is provided on the investment property which is a departure from the requirements of the Companies Act 2006. In the opinion of the director the property is held primarily for its investment potential and so to depreciate it would not give a true and fair view. The provisions of FRSSE (effective January 2015) in respect of investment properties have therefore been adopted in order to give a true and fair view.