Abbreviated Company Accounts - SMARTER MOBILE 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 VAT.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Fixtures, fittings
and equipment - 25% straight line

Other accounting policies
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Investments
Fixed asset investments are stated at cost less provision for permanent diminution in value.
Stock
Stock is valued at the lower of cost and net realisable value.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transactions. All differences are taken to the Profit and Loss account.
Going concern
The accounts have been prepared using the going concern concept which assumes that the company will continue with its activities. This assumption may not be appropriate as the company has a balance sheet deficit of £120,962 at 31st December 2013 (2012 - £178,790). However in the view of the directors the company will continue trading with their support.