Abbreviated Company Accounts - H K FOOD PRODUCTS 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 amounts receivable for goods and services net of VAT and trade discounts.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Computer equipment - 25% reducing balance
Fixtures, fittings & equipment - 15% reducing balance
Motor vehicles - 25% reducing balance

Intangible assets amortisation policy
Aquired goodwill is written off in equal annual instalments over its estimated useful economic life.

Other accounting policies
Pensions
the company provides a self administered pension scheme, the assets of which are held seperately from those of the company in an independently administered fund. Contributions payable to the company's penison scheme are charged to the profit and loss account in the period to which they relate.