Abbreviated Company Accounts - THE PROGRESSIVE FOOD COMPANY 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
The total turnover of the company for the year has been derived from the principal
activity wholly undertaken in the UK.

Tangible assets depreciation policy
Tangible fixed assets and depreciation
Depreciation is provided at rates calculated to write off the cost less residual value of
each asset over its expected useful life, as follows:


Plant and machinery 20% - straight line

Intangible assets amortisation policy
Intangible fixed assets and amortisation
Purchased goodwill is capitalised as an asset on the balance sheet and will be
amortised over its useful economic life. It is reviewed for impairment and no
adjustment is considered necessary at the end of the trading year.
It will be amortised over 5 years by equal annual installments commencing
in 2015

Other accounting policies
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated
but not reversed at the balance sheet date where the transactions or events have
occurred at that date that will result in an obligation to pay more, or a right to
receive more, tax, with the following exceptions:
Deferred tax assets are recognised only to the extent that the directors consider that
it is more likely than not that there will be suitable taxable profits from which the
future reversal of the underlying timing difference can be deducted.
Dereffed tax is measured on an undiscounted basis at the tax rates that are
expected to apply in the periods in which timing differences reverse, based on
tax rates and laws enacted or substantively enacted at the balance sheet date.