Abbreviated Company Accounts - JOHN OO FLEMING LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements have been prepared on the historical cost basis, as modified by the revaluation
of certain financial assets and liabilities and investment properties measured at fair value through profit
or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover policy
Turnover is measured at the fair value of the consideration received or receivable for goods supplied
and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have
transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured
reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred
or to be incurred in respect of the transactions can be measured reliably.

Tangible assets depreciation policy
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value,
over the useful economic life of that asset as follows:
Studio equipment - 15%
Fittings fixtures and equipment - 15%
Motor vehicles - 25%
If there is an indication that there has been a significant change in depreciation rate, useful life or
residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.