Abbreviated Company Accounts - CALTEQ 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.

Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Other accounting policies
Amortisation
Amortisation 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:
Goodwill - in year of acquisition

Fixed assets
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:
Leasehold Property - over 5 years
Equipment - 25% reducing balance

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

TRANSACTIONS WITH THE DIRECTORS
As at 28 February 2015, the directors' loan accounts were overdrawn by £94,693 (2014: £59,192). The maximum outstanding during the year was £94,693 (2014: £59,192). The loans are interest free and repayable on demand. The directors' loan accounts were repaid in full on 6 April 2015.

4Fixed assets Investments
COST
At 1 March 2014: 10
Additions: –
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At 28 February 2015: 10
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DEPRECIATION
At 1 March 2014: –
Charge for year: –
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At 28 February 2015: –
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NET BOOK VALUE
At 28 February 2015: 10
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At 28 February 2014: 10
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