Abbreviated Company Accounts - R SONS LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts are prepared under the historical cost convention modified to include the revaluation of certain fixed assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover policy
Turnover represents income receivable for goods and services provided in the period,exclusive of Value Added Tax and trade discounts.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
Fixtures, fittings and equipment - 20% per annum reducing balance
Motor vehicles - 25% per annum reducing balance

Other accounting policies
Stock :
Stock is valued at the lower of cost and net realisable value.

Deferred taxation:
Deferred tax assets and liabilities have arisen from timing differences between the recognition of gains and loses in the financial statements and their recognition in a tax computation.Full provision is made for all liabilities,and provision is made for assets to the extent that they are considered more likely than not to be recoverable in the foreseeable future.Provision is made using tax rates that are expected to apply in the periods in which the timing differences are expected to reverse,based upon rates enacted at the balance sheet date.