Abbreviated Company Accounts - G. A. ENGINEERING (SOUTH EAST) 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 the total invoice value, excluding value added tax, of sales made during the year.

Tangible assets depreciation policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Plant & Machinery: 25% reducing balance
Motor Vehicles: 25% reducing balance

Intangible assets amortisation policy
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 20 years.

Valuation information and policy
Stock and work in progress
Stock is valued at the lower of cost and net realisable value.

Other accounting policies
Deferred tax
Full provision is made for deferred tax resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred tax is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.