Abbreviated Company Accounts - AMADEUS SHELLFISH COMPANY 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 amounts receivable for goods and services net of VAT and trade discounts.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery are depreciated on a 5% reducing balance basis.
Fixtures, fittings and equipment are depreciated on a 20% straight line basis.
Motor vehicles are depreciated on a 25% reducing balance basis.

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

Patents
The boat licence is valued at cost or valuation less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over its estimated useful lives.

Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.