Abbreviated Company Accounts - XTREMEVISION360 LTD

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
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Tangible assets depreciation policy
All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Equipment - 20% straight line per annum

Other accounting policies
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Deferred Taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Going Concern

The company is dependent on the continued support of its directors, in its ability to continue as a going concern. The directors have provided the company with loans without formal repayment terms. On this basis the directors consider that it is appropriate for the financial statements to be prepared on a going concern basis.

During the period the company issued 2 Ordinary shares of £1 at par. All shares rank pari passu.

4Transactions with directors

During the period D J Banks & D Keeble provided the company with an interest free loan each. The amount outstanding from the Directors at the balance sheet date amounted to 23,882 (2012: £NIL). The loan was provided with no formal repayment terms.