Abbreviated Company Accounts - MERIDIAN FM RADIO

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 the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Tangible assets depreciation policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. Depreciation has been accelerated where the assets have been scrapped or are considered obsolete.
Plant and machinery 25% reducing balance, unless subsequently scrapped in the financial year or the subsequent financial year

Other accounting policies
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.
Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction.
Leasing and hire purchase commitments
Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

2Company limited by guarantee
Company is limited by guarantee and consequently does not have share capital.

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