Abbreviated Company Accounts - PEERLESS WINDOWS SALES 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 comprises the value of sales excluding value added tax and trade discounts.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less estimated residual value, over their expected useful lives on the following bases:
Motor vehicles: 25 per annum reducing balance basis
Furniture and equipment: 15% per annum reducing balance basis
Fixtures & fittings: 10% per annum reducing balance basis
Computer equipment: 25% per annum reducing balance basis

Intangible assets amortisation policy
Goodwill is amortised to write off the cost over its estimated useful lif as the rate of 20% per annum

Other accounting policies
Deferred Tax
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. In accordance with FRS 19, deferred tax is not recognised on revaluation gains. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and laws enacted at the balance sheet date.