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 January 2015.

Turnover policy
Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer.

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

Freehold Property 4% straight line basis
Fixtures and fittings 15% straight-line basis

Valuation information and policy
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete the sale. Provision is made for slow moving and obsolete stock.

Other accounting policies
Grants

The company received assistance in the form of capital grants in 2003/04. The grants were received to support capital investment in shop buildings. The grants are carried forward in other creditors due within one year and due after one year whereupon they are recognised in the profit and loss account over the same period that the relevant assets are depreciated.

Deferred Tax

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