Abbreviated Company Accounts - CLAPHAMS LANDSCAPE SERVICES 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 January 2015).

Turnover policy
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

Tangible assets depreciation policy
Tangible fixed assets are stated a 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 basis:-


Leasehold Property Improvements - Equally over the unexpired length of the lease
Plant and Machinery - 25% reducing balance
Office Fixtures & Equipment - 25% reducing balance
Motor Vehicles- 25% reducing balance

Valuation information and policy
Amounts Recoverable on Contracts

Profit is accounted for once the outcome of a contract can be assessed with reasonable certainty and is based on the appropriate stage of completion of the contract.

Costs incurred to carry out long term contracts are matched with long term contract work included in turnover. Uninvoiced debtors are disclosed as amounts recoverable on contracts.

Provision is made for all foreseeable losses on all contracts based on the loss which is currently estimated to arise over the duration of the contract, irrespective of the amount of work carried out at the balance sheet date.

Other accounting policies
Deferred Taxation:

Deferred tax is the taxation attributable to timing differences between profits and losses as computed for tax purposes and results as stated in the financial statements. Deferred tax is calculated under the liability method using tax rates estimated to arise in the period when the timing differences reverse, and is provided to the extent it is probable that a liability or asset will crystallize.

Leasing and Hire Purchase Commitments

Assets held under finance leases and hire purchase contacts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in
th e balance sheet 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 the obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

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

Pensions

The Company operates a defined contribution pension scheme. Contributions payable for the year are charged in the profit and loss account

Net Book Value of Assets included above held under Hire Purchase Contracts at 30 June 2016 was
£ 100,308 ( 2015- Nil ).