Abbreviated Company Accounts - EVERYTHING LOUDER 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 net invoiced sales of goods and services, excluding value added tax.

Tangible assets depreciation policy
Depreciation of tangible fixed assets
Depreciation is provided on all tangible fixed assets at rates calculated to write off the full cost or valuation less estimated residual value of each asset over its estimated useful life. The principal rates in use are:
Plant and machinery 25% on written down value

Other accounting policies
Deferred taxation
Deferred tax is provided in respect of the tax effect of all timing differences that have originated but not reversed at the balance sheet date.

Deferred tax is measured on a basis, at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Hire purchase and lease transactions
Rentals under operating leases are charged to the profit and loss account as they fall due.

Ultimate Controlling Party
Andrew Thornton owns 50% and Naomi Sadka owns 50% of the share holding in the company therefore they are the ultimate controlling party.
Related Party Transactions
As at the Balance Sheet date, the directors owed the company £ 7,753.00 (2013: £ -320.00) which is being repaid within 9 months and 1 day from the balance sheet date.