Abbreviated Company Accounts - JMK ENTERPRISES 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 the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Tangible assets depreciation policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Plant and machinery 20% reducing balance

Intangible assets amortisation policy
Acquired goodwill is written off in equal annual instalments over its estimated economic life of twenty years.

Valuation information and policy
Stock is valued at the lower of cost and net realisable value.

Other accounting policies
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the financial statements and their recognition for tax purposes.
Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.