Abbreviated Company Accounts - TAILSCO 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
The turnover shown in the profit and loss account represents revenue recognised by the company in respect of goods and services supplied during the period, exclusive of Value Added Tax and trade discounts.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost, net of depreciation less any provision for impairment.
Depreciation is provided on cost on a straight line basis over the estimated useful economic lives of the assets.

Other accounting policies
Stock is valued at the lower of cost and net realised value, after making due allowance for obsolete and slow moving items.

Assets obtained under hire purchase contracts or finance leases are capitalised on the balance sheet.

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

Research and Development expenditure is written off in the year in which it is incurred.

Deferred taxation is provide in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. Deferred taxation is calculated at the rates of tax that are expected to apply in the periods when the timing differences will reverse and has not been discounted.