Abbreviated Company Accounts - PLATTMOUNTS EUROPE LTD

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.

At the balance sheet date the company had net liabilities of £186,839 (2013: £162,189). The company's ability to continue trading is dependent upon the continuing support of its parent company Wilfred & Elizabeth Pty Limited. The directors have received confirmation of this support and on this basis consider it appropriate to prepare the financial statements on a going concern basis.

Turnover policy
Turnover represents amounts receivable for goods and services supplied to the defence industry 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 less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery: 25% Straight Line Method
Computer Equipment: 25% Straight Line Method
Fixture, Fittings & Equipment: 25% Straight Line Method

Other accounting policies
Monetary assets and liabilities denominated in foreign currencies are translate into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.