Abbreviated Company Accounts - PENNY FURSEMAN TRAVEL LTD

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements are prepared under the historical cost convention and in accordance
with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover policy
Turnover represents the total value of goods, excluding value added tax, provided to
customers during the year, plus the value of work, excluding value added tax, performed
during the year with respect to services.

Other accounting policies
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 have occurred at that date
that will result in an obligation to pay more, or a right to pay less or to receive more, tax.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to
apply in the periods in which timing differences reverse, based on tax rates and laws enacted
or substantively enacted at the balance sheet date.

Going concern

The director has assessed that the company will have adequate resources available to
finance its obligations during the course of twelve months from the date of approval of these
financial statements. They have therefore been prepared on a going concern basis.

3Transactions with directors