Abbreviated Company Accounts - ELECTROBASE RP 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 amounts receivable for goods and services net of VAT and trade discounts

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows;
Plant and Machinery 20% straight line
Computer Equipment 20% straight line
Motor Vehicles 20% straight line

Other accounting policies
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

Invoice discounting
The company discounts it sales invoices. The accounting policy is to disclose the full debt within trade debtors and the factored proceeds presented separately within creditors. Factor charges and interest are charged to the profit and loss account as incurred.

Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which had been applied consistently (except as otherwise stated).

4Transactions with directors