Micro-entity Accounts - ONEO CORP LTD

2016: Other debtors € 92,776
2015: Other debtors € 53,565

2Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with
FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as
applied to small entities by section 1A of the standard).

Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts
and value added taxes. Turnover includes revenue earned from the sale of goods and from the
rendering of services. Turnover from the sale of goods is recognised when the significant risks
and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering
of services is recognised by reference to the stage of completion of the contract. The stage of
completion of a contract is measured by comparing the costs incurred for work performed to date
to the total estimated contract costs.

Other accounting policies
- Short term debtors are measured at transaction price (which is usually the invoice price), less any
impairment losses for bad and doubtful debts. Loans and other financial assets are initially
recognised at transaction price including any transaction costs and subsequently measured at
amortised cost determined using the effective interest method, less any impairment losses for bad
and doubtful debts.
- Short term creditors are measured at transaction price (which is usually the invoice price). Loans
and other financial liabilities are initially recognised at transaction price net of any transaction costs
and subsequently measured at amortised cost determined using the effective interest method.
- A current tax liability is recognised for the tax payable on the taxable profit of the current and past
periods. A current tax asset is recognised in respect of a tax loss that can be carried back to
recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences
between the recognition of income and expenses in the financial statements and their inclusion in
tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the
extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or
other future taxable profits. Deferred tax is measured using the tax rates and laws that have been
enacted or substantively enacted by the reporting date and that are expected to apply to the
reversal of the timing difference, except for revalued land and investment property where the tax
rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are
not discounted.
- Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are
translated at the closing rate of exchange. Non-monetary items that are measured at historical
cost are translated at the rate ruling at the date of the transaction. All differences are charged to
profit or loss.