Abbreviated Company Accounts - EPD (WHITTLESEY) LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements 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 represents net invoiced sales of goods, excluding value added tax.

Tangible assets depreciation policy
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold - 10% on cost
Plant and machinery - 25% on cost
Motor vehicles - 25% on cost

Valuation information and policy
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Other accounting policies
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Factored debts
Where the lender has a right of recourse to receive a full repayment of the sum advanced against the trade debtors, such debts are recognised as a liability and reported as Creditors. Trade debtors, subject to this arrangement, are recognised as an asset and reported as Debtors.

Going concern
The director and a company controlled by him intend to continue their financial support. The financial statements are, therefore, prepared on a going concern basis.