Abbreviated Company Accounts - NORTHLANDIC U.K. 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 is recognised as contract activity progresses to reflect the partial performance of contractual obligations. Turnover is stated net of Value Added Tax.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets , less their estimated residual value, over their expected useful lives on the following bases:
Motor vehicles - 25% reducing balance
Fixtures & fittings - 15% reducing balance

Other accounting policies
Operating leases
Rentals under operating leases are charged to the profit and loss account on a straight line basis over the lease term

Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date

Exchange gains and losses are recognised in the profit and loss account.

Deferred taxation
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

A net deferred tax asset is recognised only if it can be regarded as 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 assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.

Deferred tax assets and liabilities are not discounted.

Controlling party
The company is controlled by Northold Limited. In the opinion of the directors the ultimate controlling party is J E M Elswijk.