Abbreviated Company Accounts - GEORGE MCDADE & SONS LIMITED

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
Turnover represents invoiced sales of goods and services, excluding value added tax.

Tangible assets depreciation policy
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant & Machinery 15% straight line
Fixtures & Fittings 15% straight line
Motor Vehicles 25% straight line

Intangible assets amortisation policy
Intangible assets are stated at cost, and are amortised on a straight line basis as follows:
Goodwill - 10 years

Other accounting policies
Hire purchase
Assets held under hire purchase contracts are treated as tangible fixed assets, and initially recorded at the present value of the minimum lease payments at the inception of the agreement. These assets are depreciated over their estimated useful life.
Obligations under hire purchase are included within creditors, net of finance charges allocated to future periods.
Pension costs
The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company. The pension cost charge represents the amount of the contributions payable to the scheme in respect of the year.