Abbreviated Company Accounts - INDUSTRIAL TECHNIC LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements are prepared under the historical cost convention and include the results of the Company's operations which are described in the Director's Report and all of which are continuing. All applicable accounting policies have been complied with or departures disclosed.

Turnover policy
Turnover represents the value of fees invoiced during the period net of all discounts allowed.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation.
Depreciation is provided to write off the cost of fixed assets, less their estimated residual values, over the estimated life of the assets at the following annual rates:-

Plant & equipment ..............…20% on net book values
Furniture & fittings .….......…20% on net book values

Other accounting policies
Consolidation
The company and its subsidiaries comprise a small group. The company has taken advantage of the exemption provided by s.398 of the Companies Act 2006 not to prepare group accounts. These financial statements contain information about the company as an individual and not about the group.

Deferred taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, however, deferred tax assets are recognised only to the extent that the director considers in more likely than not that there will be suitable taxable profits from which future reversal of the underlying timing differences can be deducted.
In accordance with FRS 19, deferred tax is recognised on revaluation gains. Deferred tax is measured on a non-discounted 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the Balance Sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

3Fixed assets Investments
The figures represent the investment in subsidiary companies at cost. The company's investment in its subsidiary companies represents the cost of acquisition of the whole of the issued ordinary share capital of the following: