Abbreviated Company Accounts - PRIMERA SPORTS LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The effects of events in relation to the year ended 30 September 2016 which occurred before the date of approval of the financial statements by the Board of Directors, have been included in the statements to the extent required to show a true and fair view of the state of affairs at 30 September 2016 and of the results for the year ended on that date.

Turnover policy
The company`s turnover represents the amounts (excluding Value Added Tax), derived from the provision of goods and services to customers during the year.

Tangible assets depreciation policy
Depreciation has been computed to write off the cost of tangible fixed assets over their expected useful lives using the following rates:

Leasehold property - equal instalments over the period of the lease

Fixtures, fittings and equipment - 20% per annum reducing balance
and 3 years straight line

Leasehold improvements - equal instalments over the period of the lease

Motor vehicles - 25% per annum reducing balance

Personalised Number Plate - Historic cost - No depreciation

Intangible assets amortisation policy
Goodwill represents the excess of cost of acquisition over the fair value of the separable net assets of businesses acquired. Goodwill is amortised through the profit and loss account in equal instalments over its estimated useful life.

Other accounting policies
Stocks

Stocks have been valued at the lower of cost and net realisable value.

Deferred Taxation

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.

Leasing

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Cash Flow

The accounts do not include a cash flow statement because the company as a small reporting entity is exempt from the requirement under Financial Reporting Standard for Smaller Entities (effective January 2015).

5Transactions with directors

During the period the company paid rent to Mr. and Mrs. Temple of £22,500 in respect of 183 Bournemouth Road, Poole, Dorset (2015 - £30,000). The rent was at market value.

The directors were each paid £780 for use of home as office (2015 - £1,040).