Abbreviated Company Accounts - TIMUR FILMS LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
These 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 comprises the invoiced Fees and expenses receivable net of Value Added Tax .

Tangible assets depreciation policy
Tangible assets are stated at cost. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their residual value, over their respective useful lives as follows :

Computer & Office Equipment 50% straight line basis

Other accounting policies
Foreign Currencies : Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit

Deferred Taxation: Provision is made for taxation deferred as a result of material timing differences between the incidence of income and expenditure for taxation in the accounts. Provision is made in respect of timing differences that have originated but not reversed at the Balance Sheet Date.