Abbreviated Company Accounts - KILBREN CONTRACTS 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 consists of the invoiced value (excluding Vat) receivable by the company in the ordinary course of business for goods supplied and for services supplied as principal.

Tangible assets depreciation policy
Depreciation is calculated to write off the cost, less estimated residual values, of tangible fixed assets over their estimated useful lives to the business. Whwre there is evidence of impairment, fixed assets are wtitten down to receivable amount. Any such write down would be charged to operating profit.
Plant & Machinery 25.0% Reducing balance
Motor Vehicles 25.0% Reducing balance
Fixtures, fittings and office equipment 25.0% Reducing balance

Other accounting policies
Stock, work in progress and long term contracts
Stock and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is determined on a first-in, first-out basis. Cost consists of direct materials, labour and attributable overheads. Net realisable value is based on estimated selling price less any further costs of realisation.