Abbreviated Company Accounts - ASIA LOGISTIK SERVICE LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents amounts receivable for services net of VAT and trade discounts. Turnover is recognised when the services are delivered to the customer.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset its expected useful life, as follows:
Plant and machinery 20 % reducing balance basis

Other accounting policies
Foreign Currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

Deferred taxation
Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability will crystallise in the foreseeable future.

Going concern
The company is reliant on its principal shareholder, who is also the director of the company to provide support to it, to enable it to meet its liabilities as they fall due. The financial statements have been prepared on the going concern basis the validity of which depends upon this support continuing to be made available. The financial statements do not include any adjustments, which would result from sufficient finance not being made available.

Related party relationships and transaction
As at the balance sheet date A.J Worldwide Services Limited owed a sum of Nil (2013 - £146,706.19) and sum of Nil (2013- £35,666.78) was owing to that company which are included in trade debtors and trade creditors respectively. Mr V Vellore and Mr H Parmar are also directors in A.J. Worldwide Services Limited.