Abbreviated Company Accounts - MEM-TEQ VENTURES 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 receivable for goods and services net of VAT and trade discounts.

Tangible assets depreciation policy
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the life of the asset. In the case of prototypes test models and pre commercial versions not intended for full production use the costs are charged to revenue as incurred.

Plant and Machinery (Tooling) - economic life based on production cycles

Intangible assets amortisation policy
Patents - over the life of the Patent
Research & Development - 6% on a straight line basis

Other accounting policies
Research and Development

The Company is committed to investing in Research and Development. Expenditure is allocated for defined projects once technical feasibility and financial viability is established.

Leasehold Improvements

In view of the nature and location of the Leasehold Improvements and the commitment of the Company to maintain the structure in a good order, no depreciation has been provided in the year under review.