Abbreviated Company Accounts - INSTANT BUSINESS 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 value added tax.

Tangible assets depreciation policy
Plant and Machinery - 10% on reducing balance; Fixtures and Fittings - 10% on reducing balance; Computer Equipment - 25% on reducing balance

Valuation information and policy
Work in progress is valued at the lower of cost and net realisable value. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Other accounting policies
Defered tax is recognised in respect of all timing differences that have originated but not reversed at balance sheet date. Assets and liabilities in foreign currencies are translated to sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated to sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.Those held under finance leases are depreciated over their useful economic lives or the lease term, whichever is shorter.