Abbreviated Company Accounts - BRITANNIA ANTIQUES 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 VAT.

Tangible assets depreciation policy
Depreciation aims to write down the cost less estimated residual value of all fixed assets over
their expected useful lives.

The rates applicable are:-

Fixtures and fittings - 20% reducing balance
Office equipment - 20% reducing balance

Freehold property is included in the accounts at market value.

Valuation information and policy
Stocks and work in progress are stated at the lower of cost and net realisable value after
making due allowance for obsolete and slow-moving items.

Other accounting policies
Deferred taxation

Deferred tax arises as a result of including items of income and expenditure in taxation
computations in periods different from those in which they are included in the company's
accounts. Deferred tax is provided in full on timing differences which result in an
obligation to pay more (or less) tax at a future date, at the average tax rates that are expected
to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where
there is no commitment to sell the asset.