Abbreviated Company Accounts - PLANTSCAPE LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention modified to include the revaluation of freehold land and buildings 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 or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows;
Leasehold property improvements - 2% on cost
Plant and machinery - 15% on reducing balance
Computer equipment - 25% on straight line
Fixtures, fittings & equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Intangible assets amortisation policy
Patents are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives.

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 a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Stock and work in progress;

Stock and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stock.

Deferred taxation;

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment on certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

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 transaction. All differences are taken to the profit and loss account.