Abbreviated Company Accounts - FUSION LABS 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 goods and services net of VAT and trade discounts. Turnover is recognised on invoicing of a sale.

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 over its expected useful life.

Website development costs
The company intents to amortise the cost of its retail website over a period of five years once the platform is fully developed and is in operation use. Costs of development, that meet the requirements of UITF Abstract 29 issued by the Accounting Standards Board, are included within tangible fixed assets as the costs are incurred.

Valuation information and policy
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the
treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

Other accounting policies
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Stock
Stocks are valued at the lower of cost and net realisable value.