Balance sheet continued

As at 31 January 2018

For the year ending 31 January 2018 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 January 2018

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

  Turnover
  Turnover represents net invoiced sale of goods, excluding value added tax and discounts, of goods provided to customers and work
  carried out in respect of services provided to customers.
  Investment Property
  Investment Property is shown at open market value in accordance with FRS 15
  

  Tangible fixed assets depreciation policy

  Tangible Fixed Assets
  Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
  
  Plant & Machinery - 20% on straight line basis
  Motor Vehicles - 25% on straight line basis
  Fixture & Fittings - 25% on straight line basis
  
  

  Valuation information and policy

  
  
  Stocks
  Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items.
  
  

  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. Foreign currencies Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. Leasing and hire purchase commitments Assets held under finance leases and hire purchase contracts, which are those where substantially all the risk and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of he rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital payments outstanding. Rentals paid under operating leases are charged to income on a straight line basis over the lease term. Pensions The company operates a defined contributions pension scheme. Contribution are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.