Abbreviated Company Accounts - ELECTRICAL AND DATA SYSTEMS LTD

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

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:

Plant and machinery - 20% Reducing Balance
Fixtures, fittings
and equipment - 20% Reducing Balance
Motor vehicles - 20% Reducing Balance

Valuation information and policy
Stock
Stock and work in progress are valued at the lower of cost and net realisable value.

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 constant periodic rates of charge on the net obligations outstanding in each period.

Long term contracts
Amounts recoverable on long term contracts, which are included in debtors are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account

Pensions
The pension costs charged in the financial statements represent the contribution payable by the company during the year

Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transactions. All differences are taken to the Profit and Loss account

Authorised
100,000 Ordinary shares of 1 each 100,000 100,000
_______ _______
Allotted, called up and fully paid
2 Ordinary shares of 1 each 2 2
_______ _______

Equity Shares
2 Ordinary shares of 1 each 2 2

4Transactions with directors

Included in creditors is a loan from director, V P McSorley. It is an interest free loan and is repayable on demand. The balance outstanding at 31 March 2014 is £19,354 (2013: is £18,924).