Abbreviated Company Accounts - AMMY & SONS 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 amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised when the goods are delivered to the customer.

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


Fixtures, fittings & equipment 18% Reducing balance basis

Intangible assets amortisation policy
Acquired goodwill is written off in equal annual instalments over its useful economic life of 10 years.

Valuation information and policy
Stocks are valued at the lower of cost and net realisable value after making due allowance for slow moving and obsolete or damaged stock.

Other accounting policies
Deferred taxation
Deferred taxation is provided at appropriate rates on all material timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.