1Accounting Policies

Basis of measurement and preparation of accounts
The full financial statements, from which these abbreviated accounts have been extracted, 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 hire of pleasure craft to customers.

Tangible assets depreciation policy
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated resudual value, over their expected useful economic life as follows:
Plant and machinery - 25% of written down value

In respect of land and buildings, depreciation is not provided as the properties are maintained in a continual state of sound repair and have a residual value not materially different from the amount that the properties are included in the accounts. The director also considers that the remaining life of the property is more than 50 years and therefore the depreciation charge would be insignificant.

Other accounting policies
Going concern
The financial statements have been prepared on a going concern basis.

Hire purchase and rentals
Retals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

5Transactions with directors