Abbreviated Company Accounts - SMART MONEY PEOPLE 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. The total turnover of the company for the period has been derived from its principal activities.

Tangible assets depreciation policy
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Office equipment -33.33 % on straight line basis
Computer equipment -33.33 % on straight line basis

Intangible assets amortisation policy
Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Website - 20 % on straight line basis

Other accounting policies
Grant
Capital based government grants are included within accruals and deferred income in the balance sheet and credited to the profit and loss account over the estimated useful economic lives of the assets to which they relate.

Taxation
The charge for taxation is based on the loss for the period and takes into account taxation deferred because of timing differences between the treatment of certain items for taxation and accounting purposes.
Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes which have arisen but not reversed by the balance sheet date, except as otherwise required by FRS 19.

On 22 July 2015, there was an allotment of 345 A Ordinary shares at £1.00 each resulting in a share premium of £149,655.

5Transactions with directors

There was no interest charged on this balance and there is no term for repayment.