Abbreviated Company Accounts - QCS CONTRACT CLEANING LTD

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements are prepared under the historical cost convention. The company has taken advantage of the exemption in FRS1 from the requirement to produce a cashflow statement on the grounds that it is a small company.
The financial statements have been prepared on a going concern basis under the historical cost convention and in accordance with the Companies Act 2006 and applicable accounting standards in the UK.

Turnover policy
Turnover represents amounts receivable for goods and service net of VAT and trade discounts.

Tangible assets depreciation policy
Tangible fixed assets other than freehold land 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:
Fixtures, fittings and equipment 15% reducing balance
Motor vehicles 25% reducing balance

Other accounting policies
Goodwill
Acquired goodwill is written off in equal annual installments over its estimated useful economic life.

Stock
Stock is valued at the lower of cost and net realisable value. In general, cost is determined on a first in first out basis and includes the cost of bringing stocks to their present location and condition. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for costs of realisation. Provision is made where necessary for obsolescent, slow moving and defective stock.

Pensions
The company operates a defined contribution scheme for the benefit of its director. Contributions payable are charged to the profit and loss account in the year they are payable.