Abbreviated Company Accounts - SARAH-JANE FISHING 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 net invoiced sales of goods, excluding Value Added Tax.

Tangible assets depreciation policy
Depreciation is provided at the following annual rates, where applicable, in order to write off each asset over its estimated useful life.

Plant and equipment - 10% on cost

Plant and equipment includes £578,843 (2015 - £578,843) which relates to boats. In the opinion of the director they are constantly maintained in such a good state of repair that the value of the boats is far in excess of coast at the Balance Sheet date. The director considers that there is no provision for depreciation applicable.

Other accounting policies
Going concern basis of accounting

At the Balance Sheet date, the company's liabilities exceeded its assets. The company has received assurances from its holding company, Medi-Services Limited, that it will continue to give financial support to the company for twelve months from the date of signing of these financial statements.

On this basis, the director considers it appropriate to prepare the the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities that might be necessary should this basis not continue to be appropriate.