Abbreviated Company Accounts - PHIDIAS NEOCLASSICAL LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements 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 amounts receivable for goods and services net of VAT and trade discounts.

Tangible assets depreciation policy
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is
provided at rates calculated to write off the cost less estimated residual value of each asset over its
expected useful life, as follows:
Land and buildings Freehold 2% on cost
Plant and machinery 15% on cost
Fixtures, fittings & equipment 25% on Cost
Motor vehicles 25% on cost

Other accounting policies
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and
depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements
are included in creditors net of the finance charge allocated to future periods. The finance element of the
rental payment is charged to the profit and loss account so as to produce a constant periodic rate of
charge on the net obligation outstanding in each period.
Stock and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value.


Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the
treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been
discounted.