Abbreviated Company Accounts - STATION TAXIS (SUNDERLAND) 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 net invoiced sales of goods, excluding VAT

Tangible assets depreciation policy
Tangible assets other than freehold land and investment properties are depreciated by annual instalments over their estimated useful lives on the following bases:
Office Equipment and Fittings - 15% reducing balance
Motor vehicles - 25% reducing balance

Other accounting policies
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit as incurred.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.