Abbreviated Company Accounts - DRIVEREWARD LTD.

1Accounting Policies

Basis of measurement and preparation of accounts
The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The company has reserves in excess of any short-term borrowings, and as such, the director believes that the company is well placed to manage its business risks successfully in the current economic climate. The loans provided by various shareholders remain in place and are not repayable without twelve months notice. On this basis the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, with the continued support of the director and shareholders. Thus the going concern basis of accounting has been adopted in preparing the financial statements.

Turnover policy
Turnover comprises revenue recognised by the company in respect of goods and 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:

Office equipment - 20% reducing balance

Other accounting policies
Stocks
Stocks are valued at the lower of cost and net realisable value.

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.