Abbreviated Company Accounts - REASSURANCE SECURITY SERVICES LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared in accordance with the provisions of Financial Reporting Standard ((“FRS 102”) Section 1A for smaller entities. There were no material departures from that standard .The financial statements are prepared under the historical cost convention.

The presentation currency is £ sterling.

These financial statements for the year ended 31 July 2016 are the first financial statements that comply with FRS 102 Section 1A small entities. The Company transitioned from UK GAAP to FRS 102, there were no material amendments on the adoption.
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.

Turnover policy
Revenue comprises the fair value of the consideration received or receivable for the sale of services in the ordinary course of the Company’s activities. Revenue is shown net of value-added tax, returns, rebates and discounts.
The Company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the Company’s activities. Revenue from services is generally recognised in the period the services are provided, based on the services performed to date as a percentage of the total services to be performed.

Tangible assets depreciation policy
Tangible fixed assets are included at cost less depreciation and impairment. Depreciation has been computed to write off the cost of tangible fixed assets over their expected useful lives as follows:
Freehold land - No depreciation
Freehold buildings - 2% per annum of cost
Leasehold property - equal instalments over the period of the lease
Plant and machinery - 20%

Intangible assets amortisation policy
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Goodwill & Intangible 10 years

Amortisation is charged to Administrative expenses in the profit and loss account

Valuation information and policy
Investments in subsidiary undertakings, associates and joint ventures are stated at cost, less provision for impairment.
Investments:
Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique.

Stocks:
Stocks are measured at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion. Cost is determined using first in first out method.

Other accounting policies
Going concern:
At the time of approving the financial statements, the Board has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the Board continue to adopt the going concern basis of accounting in preparing the financial statements.

3Fixed assets Investments
Investments other than loans:
A capital contribution of £2,600 was made to Reassurance Resources Management Limited (RRML) as investments other than loans. In the opinion of the directors the aggregate value of the company’s investments in subsidiary undertakings is not less than the amounts included in the balance sheet.

The company holds issued ordinary share capital in the wholly owned undertaking listed below:
Company
Subsidiary undertakings Country of registration of incorporation Class Shares held%
RRM Limited England Ordinary 100