Abbreviated Company Accounts - CHURCHILL SEARCH AND SELECTION LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention.
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.

Turnover policy
Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible assets depreciation policy
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Office equipment - 15% on reducing balance

Intangible assets amortisation policy
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten years.

Valuation information and policy
Work in progress is valued at the lower of cost and net realisable value.
Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Other accounting policies
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.