Abbreviated Company Accounts - NEWS & BOOZE (UK) 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 comprises shop takings and invoiced sales, net of returns, discounts and Value Added Tax.
Turnover is recognised at the point of sale or delivery

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life on a reducing balance method as follows:
Fixtures and fittings - 20%
Motor vehicles - 20%

Intangible assets amortisation policy
Goodwill arising on acquisition is capitalised and has, in the opinion of the directors, an indefinate useful economic life and as such, amortisation is not provided.

Other accounting policies
Stock
Stocks are valued at the lower of cost and net realisable value, after allowing for slow-moving and obsolete items.