Abbreviated Company Accounts - LOYALTY LOGISTIX 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 computer software design and consultancy net of VAT.

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:
Plant and machinery 20% straight line
Motor vehicles 25% reducing balance

Other accounting policies
Compliance with accounting standards: The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

Intellectual property: Acquired intellectual property is written off in equal annual instalments over its estimated useful economic life.

Investments: Fixed asset investments are stated at cost less provision for diminution in value.

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

Revenue recognition: Income represents revenue earned under a wide variety of contracts to provide services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of the work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.
Income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.

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.

Foreign currency translation: Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

Group accounts: The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

Creditors: amounts falling due within one year: The aggregate amount of creditors for which security has been given amounted to £236,838 (2014 - £25,342).

Creditors: amounts falling due after more than one year: The aggregate amount of creditors for which security has been given amounted to £519,529 (2014 - £16,015).

4Fixed assets Investments
Cost
At 1 April 2014 £15207
At 31 March 2015 £15207
Depreciation
At 1 April 2014 £15125
At 31 March 2015 £15125
Net book value
At 31 March 2015 £ 82
At 31 March 2014 £ 82