Abbreviated Company Accounts - JACK TAR LTD

1Accounting Policies

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

Turnover policy
Turnover represents amounts receivable in respect of goods. Turnover is recognised upon delivery of the product to the customer.

Tangible assets depreciation policy
Depreciation is calculated to write down the cost of tangible fixed assets over their expected useful economic lives using the following rates:

Equipment 15% reducing balance
Motor vehicles 20% reducing balance

Other accounting policies
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 on a full provision basis.

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