Abbreviated Company Accounts - FRIENDS ASSOCIATES 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
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Tangible assets depreciation policy
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Leasehold Improvements - Over 15 Years Straight Line
Equipment - 15% Straight Line
Fixtures & Fittings - 20% Straight Line

Intangible assets amortisation policy
Amortisation is calculated so as to write off the cost off an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Goodwill - Over 20 Years Straight Line

Other accounting policies
Consolidation

In the opinion of the directors' the company and its subsidiary undertakings compromise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.

Ultimate controlling party

The company was under the ultimate control of Mr. D. Lockwood, Mr. J. McAteer, and Mr. S. Rimmer during the year.

4Fixed assets Investments
The company's investment in its subsidiary company represents the cost of acquisition of 100% of the ordinary share capital of Ristorante Marcello (Cheshire) Limited, a company registered in Engalnd and Wales.

At 30th June 2014 the aggregate of the share capital and reserves of Ristorante Marcello (Cheshire) Limited amounted to £218 (2013 - £218).

5Transactions with directors

Included within other creditors amounts falling due after one year are director's loan account balances of £128,673 (2013 - £161,467).

The loan is interest free and has no set repayment terms.