Abbreviated Company Accounts - LIQUIDCHEFS INVESTMENTS LTD

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention, and in accordance
with the Financial Reporting Standard for Smaller Entities (effective April 2008).
We believe that the company's financial statements should be prepared on a going concern basis on
the grounds that current and future sources of funding or support will be more than adequate for the
company's needs as the company has net current assets of £78,394 and net liabilities of £157,053.
We believe that no further disclosures relating to the company's ability to continue as a going
concern need to be made in the financial statements. In assessing going concern, we have paid
particular attention to a period of not less than one year from the date of approval of the financial
statements.

Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year,
exclusive of Value Added Tax.

Tangible assets depreciation policy
Fixed assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value,
over the useful economic life of that asset as follows:
Plant & Machinery - 25% reducing balance
Fixtures & Fittings - 25% reducing balance
Motor Vehicles - 25% reducing balance
Equipment - 25% reducing balance

Other accounting policies
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for
obsolete and slow moving items.

Hire purchase agreements
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets
at their fair value. The capital element of the future payments is treated as a liability and the interest
is charged to the profit and loss account on a straight line basis.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership
remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed
at the balance sheet date where transactions or events have occurred at that date that will result in an
obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value
adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into
replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement
to dispose of the assets concerned. However, no provision is made where, on the basis of all
available evidence at the balance sheet date, it is more likely than not that the taxable gain will be
rolled over into replacement assets and charged to tax only where the replacement assets are sold.
Deferred tax assets are recognised only to the extent that the director considers that it is 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 is measured on an undiscounted basis at the tax rates that are expected to apply in the
periods in which timing differences reverse, based on tax rates and laws enacted or substantively
enacted at the balance sheet date.