Abbreviated Company Accounts - TRACE CONSULT 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 the total invoice value excluding value added tax of sales made during the year and derives from the provision of goods falling within the company's ordinary activities.

Tangible assets depreciation policy
Deprecation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life as follows:
Fixtures, fittings and equipment - 20% per annum, straight line basis
Motor vehicles - 25% per annum, reducing balance basis

Other accounting policies
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period.
Pensions
The pension costs charged in the financial statements represent the contribution payable by the company during the year.
Going concern
The director has confirmed that he will continue to provide financial support to the company and therefore the accounts have been prepared on a going concern basis.