Abbreviated Company Accounts - CULTUREACTIVE 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 invoiced value of goods and services supplied by the company, net of value added tax and trade discounts.

Tangible assets depreciation policy
Tangible fixed assets and depreciation
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:

Furniture and fittings - 20% straight line
Office equipment - 20% straight line
Computer equipment - 25% straight line

Other accounting policies
Deferred taxation
Deferred tax is recognised in full in respect of all timing differences that have originated but not reversed at the balance sheet date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Timing differences are differences between the taxable profits and the results as stated in the financial statements that arise from the inclusion of income and expenditure in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.

Deferred tax is measured on a non-discounted basis.