Abbreviated Company Accounts - STRIKESOFT LTD

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The accounts have been prepared on the going concern basis despite the balance sheet deficit at the year end. The company is being supported by loans from the directors. The directors have confirmed that the loans will continue to be available for the foreseeable future.

Turnover policy
The turnover shown in the profit and loss account represents amounts due for work done during the year, exclusive of Value Added Tax.

Turnover in respect of long-term contracts and contents for on-going services is recognised by reference to the stage of completion.

Tangible assets depreciation policy
Fixed assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Fixtures & Fittings - 25% Straight line
Motor Vehicles - 25% Straight line
Equipment - 40% Straight line

Intangible assets amortisation policy
Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Over the estimated useful life of 10 years

Other accounting policies
Research and development

Research and development expenditure is written off in the year in which it is incurred.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Pension costs

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.