Abbreviated Company Accounts - OASIS CATERING EQUIPMENT LTD.

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 amounts (excluding Value Added Tax) derived from the supply and installation of catering and kitchen equipment. Turnover is recognised at the point that the company has fulfilled its obligations to its customers for each contract.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at the following annual rates in order to write off each fixed asset over its estimated economic useful life:
Motor vehicles - 20% straight line

Other accounting policies
Stocks

Stocks are stated at the lower of cost and net realisable value.

Taxation
Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes which have arisen but not reversed by the balance sheet date, except as otherwise required by FRS 19.
No provision has been made for deferred tax on gains recognised on revaluing property to its market value as the company does not intend to sell the revalued asset.