Abbreviated Company Accounts - TUBE BENDING SOLUTIONS LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements have been prepared in accordance with the Financial Reporting Standard
for Smaller Entities (effective January 2015) under the historical cost convention.

Turnover policy
Turnover
Turnover consists of the sales value for goods and services supplied, net of value added tax.

Tangible assets depreciation policy
Depreciation is calculated to write down the cost of fixed assets on the following bases over
their expected useful lives. The rates used are as follows:-

Property 2% - straight line from 2015 valuation
Motor vehicles 25% - reducing balance
Plant & equipment 15% - reducing balance

Intangible assets amortisation policy
Goodwill
Goodwill was amortised on a straight line basis over a five year period.

Valuation information and policy
Stock and work in progress
Stock is stated at the lower of cost and net realisable value using the first in first out (FIFO) basis. Work in progress includes direct costs and an appropriate proportion of production overheads.

Other accounting policies
Land and buildings
The company's property is included at open market value with revaluations being undertaken every 5 years.

Deferred taxation
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.