Abbreviated Company Accounts - TRUCKFIX 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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation.

Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:-

Plant and machinery - 25% reducing balance basis
Fixtures, Fittings and equipment - 25% reducing balance basis

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 stocks.

Operating Leases

Rentals applicable to operating leases where substantially all of the risks of ownership remain with the lessor are charged to profit and loss account as incurred.

Deferred taxation

Provision is made in full for taxation deferred as a result of material timing differences between the incidence of income and expenditure for taxation and accounts purposes, using the liability method.