Abbreviated Company Accounts - HAVERSIAN LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts 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 invoice value of services rendered during the year falling within the company's ordinary activities. Turnover is stated net of Value Added Tax levied on sales invoices at the full prevailing rate following VAT registration, but includes an annual adjustment arising from the operation of the Flat Rate Scheme for VAT.

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: Fixtures, fittings and equipment - 25% straight line

Other accounting policies
Deferred Tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or a right to pay less) tax at a future date, at the tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.

Foreign currencies
Monetary assets and monetary liabilities denominated in foreign currencies are translated into Sterling at the rates of exchange ruling at the Balance Sheet date. Transactions in foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transactions. Exchange differences are taken into account in arriving at the operating profit.

Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the director.