Abbreviated Company Accounts - WESTON TRANSPORT 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 income from hire of vehicles, net of value added tax.

Tangible assets depreciation policy
Depreciation is provided on tangible fixed assets at rates calculated to write off the cost, less estimated residual values, over the assets estimated useful lives as follows -
Fixtures and fittings 20% straight line
Plant and machinery 10%,16.67%, 20% and 25% straight line
Motor vehicles 25% straight line

Other accounting policies
Leasing commitments
Assets obtained under finance leases are capitalised in the balance sheet and are depreciated over their useful lives.
The interest element of the rental obligations is charged to profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Deferred Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that will be suitable profits from which the future
reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.