Abbreviated Company Accounts - JLA AUTOMOTIVE SERVICES LTD

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover policy
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the company's ordinary activities.

Tangible assets depreciation policy
Land and buildings - 1% straight line
Fixtures, fittings and equipment - 25% reducing balance
Computer equipment - 33.3% reducing balance

Other accounting policies
Deferred taxation:
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax.
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

3Fixed assets Investments
Market value:
At 1 September 2015 & at 31 August 2016 - £500,000

Net book values:
At 31 August 2016 - £500,000

At 31 August 2015 - £500,000