Abbreviated Company Accounts - KINTORE ROUGHCASTING 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
The turnover shown in the profit and loss account represents revenue recognized by the company in respect of goods and services supplied during the period, exclusive of Value Added Tax and trade discounts.

Tangible assets depreciation policy
Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life. Plant and Machinery - 25% on cost. Motor vehicles - 25% on cost.

Intangible assets amortisation policy
There are no intangible assets.

Valuation information and policy
Stocks and work-in-progress are valued at the lower of cost and net realizable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Other accounting policies
Assets obtained under hire purchase contracts or finance leases are capitalized in the balance sheet. Those held under hire purchase are depreciated over the estimated useful lives. Those held under financial leases are depreciated over the estimated useful lives or the lease term, whichever is shorter. The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. Rentals paid under operation leases are charged to the profit and loss account on a straight line basis over the period of the lease. Research and Development Expenditure on research and development is written off in the year in which it is incurred.

None