Abbreviated Company Accounts - WORLDFLAIR 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 total invoice value, excluding value added tax, of sales made during the year.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
Fixtures, fittings and equipment - 15% reducing balance basis

Other accounting policies
Stock:
Stock is valued at the lower of cost and net realisable value.

Deferred taxation:
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, where transactions or events that result in an obligation to pay more or a right to pay less tax in the future have occurred by the balance sheet date with certain limited exceptions.
Deferred tax is calculated on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws enacted at the balance sheet date.

Transactions with director:
A personal guarantee has been given by the director in respect to the bank borrowings.

Going concern:
The director confirms that the company ceased trading on 30th November 2015. The director feels it is inappropriate to prepare the financial statements on a going concern basis. The financial statements have been prepared on a break up basis and the assets have therefore been valued at directors' estimates of recoverability and/or creditors have been included at their full value.