Abbreviated Company Accounts - OCEAN YACHT SYSTEMS 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 chargeable, net of value added tax, in respect of the supply of marine engineering services and products.

Tangible assets depreciation policy
Depreciation is provided on tangible assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Plant and machinery 10% on written down value
Fixtures and fittings 10% on written down value
Motor vehicles 25% on written down value

Other accounting policies
Stock
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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

Control
The company is controlled by the directors, who own 100% of the issued share capital of the holding company, Crosshatch Limited, a company registered in England and Wales.