Abbreviated Company Accounts - BRYMER LEGAL 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 services, excluding value added tax. Sales of services are recognised when the company has delivered the service to the client, the client has accepted the service and collectability of the related receivable is reasonably assured.

Tangible assets depreciation policy
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and 20% on reducing balance

Valuation information and policy
Work-in-progress:
Work in progress is valued at the lower of cost and net realisable value.
Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Other accounting policies
Deferred tax:
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. Deferred tax assets and liabilities are not discounted.

Foreign currencies:
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating leases:
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs:
The company makes contributions to personal pension schemes on behalf of the director and certain employees. The amount charged to the profit and loss account represents the amounts contributed during the period.

4Transactions with directors