Abbreviated Company Accounts - POLESTAR ENTERPRISES LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
Accounting Convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
The financial statements have been prepared on a going concern basis as the director has agreed to continue to support the company to ensure it will continue trading for at least twelve months from the date of approving the financial statements.

Compliance with Accounting Standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

Turnover policy
Turnover represents amounts receivable for goods and services net of VAT and trade discounts, calculated on the level of completion of particular contracts.

Tangible assets depreciation policy
Tangible fixed assets 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:
Plant and machinery 20% reducing balance basis
Motor vehicles 25% reducing balance basis

Other accounting policies
Stock and work in progress
Work in progress is calculated on the basis of costs incurred on specific contracts. If the ultimate profitability of the project can be assessed with reasonable certainty, having made a prudent allowance for future costs, then the profit is recognised in proportion to the project work completed. Immediate provision is made for foreseeable losses.