þÿ\000L\000a\000y\000o\000u\000t\000 \0001

We use cookies to personalise content and ads, to provide social media features and to analyse traffic. We share info about use of our site with social media, ads and analytics partners. By continuing to browse you are agreeing to use of cookies. See details or close this message.

Page

/76

100%

Specifications	þÿ\000L\000a\000y\000o\000u\000t\000 \0001
Business section

37Accounting PoliciesOxford Instruments plc Stocks Stocks and work in progress are valued at the lower of cost, including mat

Specifications	þÿ\000L\000a\000y\000o\000u\000t\000 \0001
Suggested Link Details/Purchase
Content	37Accounting PoliciesOxford Instruments plc Stocks Stocks and work in progress are valued at the lower of cost, including materials, direct labour and an attributable proportion of production overheads, and net realisable value, net of payments on account. Provision is made for obsolete, slow moving and defective stock where appropriate in the light of recent usage, expected future requirements, new product introduction plans and likely realisable values. The Group uses demonstration equipment to sell to customers. The majority of demonstration equipment is held within stock. All categories of demonstration equipment are written down during use and then are actively marketed from time to time in order to rotate assets so that as the older items are sold they are replaced, as necessary, by new equipment. Work in progress on long-term contracts is valued at cost, net of amounts taken to cost of sales, after deducting foreseeable losses and progress payments not matched with turnover. Amounts recoverable on contracts are included in debtors and represent turnover recognised in excess of payments on account. Work in progress usually includes costs incurred on fixed price contracts to deliver technically complex unique custom built products. To ascertain whether any provision for future contract losses is needed, regular technical and financial reviews of these contracts are undertaken. These reviews involve estimating the likely cost to complete the contract based on an assessment of the out- standing technical risks and the resources required using the best information available at the time. Cash and liquid resources Cash, for the purpose of the cash flow statement, comprises cash in hand and deposits repayable on demand, less overdrafts payable on demand. Liquid resources arecurrent asset investments which aredisposable without curtailing or disrupting the business and are either readily convertible into known amounts of cash at or close to their carrying values or traded in an active market. Liquid resources comprise term deposits of less than one year (other than cash). Research and development and grants Research and development expenditure, net of the relevant proportion of grants receivable, is charged to the profit and loss account in the year in which it is incurred, unless it is recoverable under a customer contract when it is carried forward as work in progress at the lower of cost and net realisable value. Depreciation Depreciation is calculated on a straight line basis to write off the cost less estimated residual value of tangible fixed assets in equal instalments over their estimated useful lives using the following annual rates: Freehold landNil Freehold buildings, long leasehold land and buildings2% Furnitureand fittings10% Machinery and other equipment10% to 20% Computer equipment25% Vehicles25% Leasehold land and buildings where the period of the lease is less than 50 years are written off on a straight line basis over the remaining period of the lease. Taxation The charge for taxation is based on the profit for the year and takes into account taxation deferred because of timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes which have arisen but not reversed by the balance sheet date, except as otherwise required by FRS 19. Leases Operating lease rentals are charged to the profit and loss account on an accruals basis. The Group has no significant leases of a capital nature. Pensions Under the transitional arrangements of FRS 17, the Group has continued to account for pensions in accordance with SSAP 24. The cost of providing retirement pensions and related benefits is assessed in accordance with the advice of qualified independent actuaries and is charged to the profit and loss account as a constant percentage of employees’ earnings over the periods benefiting from the employees’ services. The difference between the charge to the profit and loss account and the contributions paid to the schemes is shown as an asset or liability in the balance sheet and an appropriate deferred tax adjustment is made. Foreign currencies and financial derivatives The Group enters into forward exchange contracts to mitigate the currency exposures that arise on sales and purchases denominated in foreign currencies. Transactions in foreign currencies aretranslated into sterling at appropriate forward contract rates or the rate ruling on the date of transaction where no forward cover exists. Monetary assets and liabilities denominated in foreign currencies are translated at the rates ruling at the balance sheet date or at appropriate forward contract rates. Exchange profits and losses arising from the above are dealt with in the profit and loss account with the exception of differences on foreign currency borrowings to the extent that they areused to finance the net assets of foreign subsidiaries. These are taken directly to reserves together with the exchange difference on the net assets of the related investments. For foreign entities, profits and losses are translated at the average exchange rate for the year,and assets and liabilities are translated at the rates ruling at the balance sheet date. The exchange differences arising from translating overseas investments are taken directly to reserves.
Navigation	Previous Page / Next Page
Suggested Link Details/Purchase

Following Datasheets	2006_Annual_Report (104 pages) 2006-Half-Year-Report (24 pages) 2007_Annual_Report_1 (104 pages) 2007-Half-Year-Report (28 pages) 2008_Annual_Report_2 (108 pages) 2008-Half-Year-Report (24 pages) 2009_Annual_Report_2 (88 pages) 2009-Half-Year-Report (24 pages) 2010-Annual-Report (84 pages) 2010-Half-Year-Report (20 pages)
Check in e-portals	World-H-News Products Extensions Partners Automation Jet Parts
Sitemap Folder	group1 group2 group3 group4 group5 group6 group7 group8 group9 group10 group11 group12 group13 group14 group15 group16 group17 group18 group19 group20 group21 group22 group23 group24 group25 group26 group27 group28 group29 group30 group31 group32 group33 group34 group35 group36 group37 group38 group39 group40 group41 group42 group43 group44 group45 group46 group47 group48 group49 group50 group51 group52 group53 group54 group55 group56 group57 group58 group59 group60 group61 group62 group63 group64 group65 group66 group67 group68 group69 group70 group71 group72 group73 group74 group75 group76 group77 group78 group79 group80 group81 group82 group83 group84 group85 group86 group87 group88 group89 group90 group91 group92 group93 group94 group95 group96 group97 group98 group99 group100 Prewious Folder Next Folder