Abbreviated Company Accounts - APPLEBY'S ICES LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost conventionand in accordance with the Financial Reporting Standard for Smaller Entities(Effective April 2008).

Turnover policy
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Tangible assets depreciation policy
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class Depreciation method and rate
Land and buildings 2% Straight Line Method
Plant & machinery 25% Reducing Balance Method
Fixtures and fittings 15% Reducing Balance Method
Computer equipment 25% Reducing Balance Method

Intangible assets amortisation policy
Goodwill
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.
Amortisation
Intangible assets are amortised over their usuful economic lives as follows:
Asset class Amortisation method and rate
Goodwill Goodwill to be amortised over a period of 7 years

Other accounting policies
Stock
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.