Abbreviated Company Accounts - FOODCO NI LTD

1Accounting Policies

Turnover policy
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the company's ordinary activities.

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:

Land and buildings - Straight line over twenty-five years
Plant and machinery - 20% straight line
Fixtures, fittingsmand equipment - 20% straight line
Motor vehicles - 25% and 33.3% straight line

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 constant periodic rates of charge on the net obligations outstanding in each period.

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

Investments
Fixed asset investments are stated at cost less provision for permanent diminution in value.

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 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, with the following exception:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of
fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

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.

Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transactions. All differences are taken to the Profit and Loss account.

Group accounts
The company is entitled to the exemption under Section 398 of the Companies Act 2006 from the
obligation to prepare group accounts.

3Fixed assets Investments
Holdings of 20% or more:
The company holds 20% or more of the share capital of the following companies:
Ashbourne Foodservices Ltd
Country of registration or Incorporation: Ireland
Nature of Business: Food Supplies
Shares held%: 100%

The company has issued share capital of 4,200 ordinary shares of £1.00 each that have been partly
called. The total amount that remains to be called is £39,000.

6Transactions with directors