Abbreviated Company Accounts - 1ST CHOICE ENTERTAINMENT 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
This represents the invoiced amounts of services provided to customers and rental income receivable, net of value added tax.

Tangible assets depreciation policy
Provision is made for depreciation on all tangible assets, other than freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:


Equipment: 25% per annum on reducing balance

In accordance with SSAP19, no depreciation is provided in respect of freehold investment property. Since this property is held for investment rather than consumption purposes, the directors consider that a systematic annual depreciation would be inappropriate.

Other accounting policies
Investment property
Investment property is included at valuation, based on the open market value at the balance sheet date.

Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. Deferred taxation is calculated at the rates of tax that are expected to apply in the periods when the timing differences will reverse and has not been discounted.

3Fixed assets Investments
Investments represent the company's freehold property.

The property originally cost £59,284 and was revalued by the director as at 30th June 2014 at £60,000, which is also considered to be a fair valuation at 30th June 2015.