Abbreviated Company Accounts - HALFWAVE (UK) LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The full financial statements, from which these abbreviated accounts have been extracted, 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 amounts chargeable, net of value added tax, in respect of the sale of services and projects to customers. Revenue is recognised in line with the degree of completion of the service or project when the outcome can be reliably estimated. When the outcome cannot be reliably estimated, only revenue equal to the accrued project costs is recognised. In the period that it is identified that a service or project will result in a loss, the estimated loss is recognised in full.

Tangible assets depreciation policy
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class - Depreciation method and rate
Office equipment - Straight line over three years

Other accounting policies
Deferred tax
Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE.
Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency
Transactions denominated in foreign currencies are translated at the exchange rate in operation on the date on which the transaction occured. Any monetary assets and liabilities denominated in foreign currencies are translated using the closing exchange rate at the balance sheet date. Any exchange gains or losses on settled transactions and unsettled monetary items are reported as part of the profit or loss for the year from ordinary activities.

Hire purchase and leasing
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Pensions
The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.