Abbreviated Company Accounts - JAGUTEK 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 net invoiced sales of goods excluding value added tax.

Tangible assets depreciation policy
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant & machinery etc. - 25% on reducing balance

Intangible assets amortisation policy
Goodwill being the amount paid in connection with the acquisition of the business in 2008 is being amortised evenly over its estimated useful life of 10 years.

Other accounting policies
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.

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

Hire Purchase
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.