Abbreviated Company Accounts - VAVOCA TRADING 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.

The director considers the going concern basis appropriate based on the continuing support of the
company's creditors. Should this support cease, then the going concern basis would not be appropriate and adjustments would need to be made to reflect this.

Turnover policy
Turnover represents amounts receivable for 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:
Plant and machinery 25% reducing balance

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

Other accounting policies
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

Control
The ultimate controlling party of the company is the director, Mr D Spencer

4Transactions with directors

At 31 March 2014, a balance of £21,423 (2013: £2,143) was due from the director. Interest at 4% per annum is charged on the outstanding balance.