Abbreviated Company Accounts - FISH @ 85 LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
BASIS OF PREPARING THE FINANCIAL STATEMENTS
The accounts which disclose an excess of current liabilities over current assets, have been prepared on a going concern basis and make no allowance for any costs or additional losses that might arise if this were found to be inappropriate. The company has the support of its major creditors and the directors are satisifed that future trading will general sufficient cash flow to enable the company to meet its obligations as they fall due and therefore that the going concern basis is entirely appropriate.

ACCOUNTING CONVENTION
The financial statements 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, 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, or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance

Intangible assets amortisation policy
Goodwill, being the amount paid in connection with the acquisition of a business is being amortised evenly over its estimated useful life.

Other accounting policies
STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

HIRE PURCHASE AND LEASING COMMITMENTS
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.