Abbreviated Company Accounts - CITY DAMPCOURSING 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 January 2015).

Turnover policy
Turnover comprises the value of sales (excluding VAT, similar taxes and trade discounts) of services provided in the normal course of business. Turnover in respect of service contracts is recognised when the company obtains the right to receive consideration for the services provided.

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:
Plant and machinery - 25% reducing balance
Fixtures fittings and equipment - 25% reducing balance
Motor vehicles - 25% reducing balance

Other accounting policies
Stock
Stock is valued at the lower of cost and net realisable value. Cost is derived from expenditure which has been incurred on products in the normal course of business in bringing the product to its present location and condition. It includes the cost of purchase and freight and the basis of valuation at the period end is from the first in, first out method. Net realisable value is the estimated selling price of a product less costs to be incurred to complete the sale and provision is also made for slow moving and obsolete items.

Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where were 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.