Abbreviated Company Accounts - ORANGE DOOR 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.
Going concern basis of accounting
The accounts have been prepared on the assumption that the company is able to carry on business as a going concern, which the directors consider appropriate as they will continue to provide financial support to the company.

Turnover policy
Turnover comprises fees receivable excluding VAT all of which arose in the UK.

Tangible assets depreciation policy
Depreciation is provided evenly on the cost of tangible fixed assets, to write them down to their estimated residual values over their expected useful lives. Where there is evidence of impairment, fixed assets are written down to recoverable amount. Any such write down would be charged to operating profit unless it was a reversal of a past revaluation surplus, in which case it would be taken to the statement of total recognised gains and losses.
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost of each asset, less estimated residual value on a straight-line basis, over its expected useful life, as follows:
Office and computer equipment 25% straight line
Motor vehicles 25% straight line
Fixtures & fittings 20% straight line

Intangible assets amortisation policy
Intangible fixed assets (including purchased goodwill) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. The useful life has been estimated to be ten years. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.

Other accounting policies
Taxation
Current tax, including UK corporation tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantially enacted by the balance sheet date.
Deferred tax is provided on timing differences that have arisen but not reversed by the balance sheet date, where the timing differences result in an obligation to pay more tax, or a right to pay less tax, in the future. Timing differences arise because of differences between the treatment of certain items for accounting and taxation purposes.
Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered.
Deferred tax is measured at the tax rates that are expected to apply in the periods when the timing differences are expected to reverse, based on tax rates and law enacted or substantially enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

6Transactions with directors

On 7th June 2013 W Barron and his family interests acquired 100% of the issued share capital.
On 6th June 2013, the entire trade of Blue I GB Ltd was purchased and transferred to Orange Door Ltd on the 7th June 2013. W Barron and his family interests were appointed directors & shareholders of Blue I GB Ltd on 6th June 2013. Assets totalling £10,917 were transferred to Orange Door Ltd.
As at 30th April 2014 the company owed Blue I GB Ltd £10,825. This amount is included in creditors.