Abbreviated Company Accounts - SKI AMIS 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 January 2015).

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 less depreciation. Depreciation is provided at rates
calculated to write off the cost of fixed assets, less their estimated residual value, over their
expected useful lives on the following bases:
Plant and machinery - 4 years straight line basis
Motor vehicles - 25% reducing balance basis
Office equipment - 3 years straight line basis
Corporate software - 7 years straight line basis

Other accounting policies
Operating leases

Rentals under operating leases are charged to the Profit and loss account on a straight line basis
over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a
straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

Stocks

Stock is valued at the lower of cost and net realisable value.

Deferred taxation

Full provision is made for deferred tax assets and liabilities arising from all timing differences
between the recognition of gains and losses in the financial statements and recognition in the tax
computation.

A net deferred tax asset is recognised only if it can be regarded as 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 assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.

Deferred tax assets and liabilities are not discounted

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the
closing rate of 1.27598 Euros / £1. Transactions in foreign currencies are recorded at the rate obtained. All differences are taken to the profit and loss account.