Abbreviated Company Accounts - LOGIE-TEC.COM 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.

COMPLIANCE WITH ACCOUNTING STANDARDS
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

Turnover policy
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised at the date of issue of invoice to the customer which is the date that services are completed or goods are delivered.

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, as follows:

Fixtures, fittings and computer equipment - 15% reducing balance basis
Motor vehicles - 25% reducing balance basis

Other accounting policies
STOCK
Stock is valued at the lower of cost and net realisable value. Cost is determined by reference to the purchase invoice and is recorded on a first in first out basis.

DEFERRED TAX
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.