Abbreviated Company Accounts - ALFORM EXTRUSIONS 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 Standards for Smaller Entities (effective January 2015.)

Turnover policy
Turnover represents the value of goods provided to customers during the period, plus the value of work performed during the period with respect of services.

Tangible assets depreciation policy
Tangible fixed assets and depreciation
Tangible assets other then freehold land and investment properties are depreciated by annual instalments over their estimated useful lives:

Other accounting policies
Stocks
Stocks & work in progress are valued at the lower of cost and net realisable 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.

Leased Assets and Hire Purchase
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit as incurred.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to profit & loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.

Deferred Taxation
Deferred tax arises as a result of including items of income and expenditure in tax computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and law.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilities are not discounted.

Pension Costs
Contributions in respect of the company's defined contribution pension scheme are charged to the profit & loss account for the year in which they are payable to the scheme. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end.

Amount due from parent company Alform Holdings Limited

5Transactions with directors

The loans are interest free with no fixed date for repayment.
Maximum advances:
M Willshire £92,936.
L Wells £84,256.