Abbreviated Company Accounts - GEORGE MCDADE & 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 net invoiced sales of goods and services, 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 - 15% straight line
Fixtures & Fittings - 15% straight line
Motor Vehicles - 25% straight line

Intangible assets amortisation policy
Intangible assets are stated at cost, and are amortised on a straight line basis as follows:
Goodwill - 10 years

Other accounting policies
Operating Leases
Costs in respect of operating leases are charged on a straight line basis over the lease term.
Hire Purchase
Asses held under hire purchase are treated as tangible fixed assets. These assets are depreciated over their estimated useful economic lives. Obligations under hire purchase are included within creditors, net of finance charges allocated to future periods.
Pension Costs
The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company. The pension cost charged represents the amount of contributions payable to the scheme in respect of the year.