Abbreviated Company Accounts - ISLAND CUISINE 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.

Despite the fact that liabilities exceeded assets as at 30 September 2014, the Director is satisfied that the company will be able to meet its liabilities as and when they fall due. The accounts are therefore being prepared on a going concern basis.

Turnover policy
Turnover represents amounts receivable for goods and services net of VAT 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 less estimated residual value of each asset over its expected useful life, as follows:

Computer Equipment - 33.3% Straight Line
Fixtures, Fittings & Equipment - 33.3% Straight Line

Intangible assets amortisation policy
Intangible assets are written off in equal annual instalments over their estimated useful life of five years.

Other accounting policies
Stock

Stock is valued at the lower of cost and net realisable value.

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.