Abbreviated Company Accounts - FIRST UNIVERSAL ENTERPRISES LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
These financial statements have been prepared under the historical cost convention and in accordance with Accounting and Reporting by Charities - Statement of Recommended Practice (SORP revised 2005), the Financial Reporting Standard for Smaller Entities (effective April 2008) and the provisions applicable to companies subject to the small companies regime under the Companies Act 2006.

Turnover policy
Incoming resources
All material incoming resources have been included on a receivable basis – i.e. they are included if the date receivable falls within the period covered by these accounts.

Tangible assets depreciation policy
There are no Tangible assets

Intangible assets amortisation policy
Depreciation is calculated to write down the cost or valuation, less estimated residual value, of all tangible fixed assets with a cost exceeding £500 over their expected useful lives on a straight line basis.

The rates applicable are:
IT Equipment 50%
General equipment 50%
Vehicles 50%
For the accounting period April 2013 – March 2014 the trustees decided that 50% write off each year was not a true reflection of the expected useful life of the new additions of fixed assets and believe that Three years is a more realistic expected useful life still using the straight line basis. So all new additions depreciation has been calculated on the revised method. While all previous period Asset have continued on the previous period calculation.

Valuation information and policy
cost or valuation, less estimated residual value, of all tangible fixed assets with a cost exceeding £500

Other accounting policies
Pension costs
The charity does not operate any pension scheme for employees.

Resources expended
These have been analysed using a natural classification.

2Company limited by guarantee
Company is limited by guarantee and consequently does not have share capital.

Depreciation is calculated to write down the cost or valuation, less estimated residual value, of all tangible fixed assets with a cost exceeding £500 over their expected useful lives on a straight line basis.
The rates applicable are:
IT Equipment 50%, General equipment 50%, Vehicles 50%
For the accounting period April 2013 – March 2014 the trustees decided that 50% write off each year was not a true reflection of the expected useful life of the new additions of fixed assets and believe that Three years is a more realistic expected useful life still using the straight line basis. So all new additions depreciation has been calculated on the revised method. While all previous period Asset have continued on the previous period calculation.

Trade Debtors £33758
Other Debtors £1558