Abbreviated Company Accounts - FUNDAMENTALS LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover policy
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax 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 of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

L/Term Leasehold Property - 25% reducing balance
Plant & machinery - 25% reducing balance
Motor vehicles - 25% reducing balance
Office equipment 25% reducing balance
Computer equipment - 33.3% straight-line

Intangible assets amortisation policy
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Profit and loss account over its estimated economic life.

Other accounting policies
INVESTMENTS:

Investments held as fixed assets are shown at cost less provision for impairment.

OPERATING LEASES:

Rentals under operating leases are charged to the Profit and loss account on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

STOCKS


Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

FOREIGN CURRENCIES

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Profit and loss account.

PENSIONS:

The company contributes to personal defined contribution pension plans. The charge represents the amount payable by the company to the various funds in respect of the year

4Fixed assets Investments
FIXED ASSET INVESTMENTS

COST

At 1 April 2015 £0

Additions £76

At 31 March 2016 £76

NET BOOK VALUE

At 31 March 2016 £76

At 31 March 2015 £0

SUBSIDIARY UNDERTAKINGS

The following were subsidiary undertakings of the company:

Name: Powerline Developments Limited
Class of shares: Ordinary
Holding: 51%

The aggregate of the share capital and reserves as at 31 March 2016 and of the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name: Powerline Developments Limited
Aggregate of share capital and reserves: £150
Profit/(loss): £0