Abbreviated Company Accounts - LONDON RIB VOYAGES LTD

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 comprises revenue recognised by the company in respect of speedboat sightseeing
services supplied during the year, exclusive of Value Added Tax and trade discounts.

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:

Plant and machinery - 20% reducing balance
Motor vehicles - 20% reducing balance
Office equipment - 20% reducing balance

Other accounting policies
DIRECTORS' BENEFITS: ADVANCES, CREDIT AND GUARANTEES
At the beginning of the year the director, CV Matheson, owed £94,421 to the company. During the year advances totalling £88,505 were made to the director. One advance in excess of £10,000 was made to the further director. Repayments by the director during the period totalled £185,586, which included two individual repayments in excess of £10,000 totalling £42,942. Interest on the balances due to the company is calculated at 3.25% and totalled £2,345 during the year. At the balance sheet date the company owed £316 to the director.