Abbreviated Company Accounts - LAZY OAF LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements 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 amounts receivable for goods and services net of VAT.

Tangible assets depreciation policy
Depreciation is provided at the following annual rates calculated to write off each asset over its estimated useful life:
Computer equipment 33% straight line
Fixtures, fittings and equipment 15% reducing balance
Leasehold improvements 25% reducing balance

Intangible assets amortisation policy
Amortisation is provided at the following annual rates calculated to write off each asset over its estimated useful life:
Intangible assets 25% reducing balance

Other accounting policies
Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving stock. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Foreign Currency Translation
Monetary assets and 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 transaction. Exchange differences are taken into account in arriving at the operating profit.