Abbreviated Company Accounts - C-WAYS 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 in the profit and loss account represents the total invoice value, excluding value added tax, of work completed during the year and derives from the provision of goods falling within the company's ordinary activities. Income is recognised in the profit and loss account in the period in which the related work is carried out.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
Leasehold properties - Straight line over the life of the lease
Fixtures, fittings and equipment - 10%/20% straight line
Motor vehicles - 25% straight line
Computer equipment - 33.33% straight line

Valuation information and policy
Stock
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Other accounting policies
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Investments
Current asset investments are at the lower of cost and net realisable value.

Pensions
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Deferred taxation
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax, with the following exceptions:
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.