Abbreviated Company Accounts - NORTH WEST OUTDOORS 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 amounts, excluding value added tax, derived from the provision of goods and services to customers during the year.

Tangible assets depreciation policy
Fixed Assets are stated at their cost prices, less accumulated depreciation and less amounts recognised in respect of impairment.

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Land & Buildings - 0% straight line
Fixtures, fittings & equipment - 15% reducing balance & 33.33% straight line
Motor vehicles - 25% reducing balance

Intangible assets amortisation policy
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 15 years.

Other accounting policies
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

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

Going concern
The directors have concluded that there are no material uncertainties which may cast significant doubt about the ability of the company to continue to trade for the foreseeable future. They have therefore adopted the going concern basis for the preparation of the accounts.