Abbreviated Company Accounts - EAST COAST CAPITAL 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 January 2015

Turnover policy
Represents value net of VAT and discounts of goods provided to customers and work carried out in respect of services provided to customers

Tangible assets depreciation policy
Plant and Machinery -25% reducing balance
Motor Vehicles - 25% reducing balance

Valuation information and policy
Stock valued at the lower of cost and net realisabe value

Other accounting policies
Full provision made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.
Assets under finance leases and hire purchase contracts are capitalised in the balance sheet and depreciated over useful lives. Corresponding lease or HP obligation is treated in balance sheet as a liability. Interest element charged to profit and loss and represents a portion of balance of capital repayments outstanding. Rentals paid are charged to income on a straight line basis over the lease term.