Abbreviated Company Accounts - PROCURIOUS LTD

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements are prepared under the historical cost convention and in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and the requirements of the Companies Act 2006 including the provisions relating to small companies and under the historical cost convention. The Company has adopted and applied FRS 102 early. The company has prepared accounts for a long period to bring the accounting reference date to 31 March.

Turnover policy
Turnover is recognised at the fair value of the consideration received or receivable for sale of goods and services to external customers in the ordinary nature of the business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Turnover is shown net of Value Added Tax.

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 equipment 25% Straight line

Intangible assets amortisation policy
Intangible assets purchased are recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Intangible assets are initially recognised at cost and are subsequently measured at cost less accumulated amortisation. Intangible fixed assets is made up of website design costs. These fixed assets are amortised over 5 years on a straight line basis.

Other accounting policies
Functional and presentational currency
The financial statements are presented in sterling which is also the functional currency of the company.


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

Going concern
During the period under review the company has been in start-up phase building its website and gaining users for the site. As a result the company has a deficiency of net assets and a loss for the period. The director, T Seary has agreed to provide financial support, as and when required, for a period of at least 12 months from the date of approval of these financial statements, in order for the company to meet its external obligations. As a result the director considers it appropriate to prepare the financial statements on the going concern basis.