Abbreviated Company Accounts - JOULES INNOVATION LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
Basis of preparation of financial statements
The full financial statements, from which these abbreviated accounts have been extracted, have
been prepared under the historical cost convention and in accordance with the Financial Reporting
Standard for Smaller Entities (effective April 2008)

Turnover policy
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers. Revenue is recognised in line with work done on contracts for services and when the company has obtained a right to consideration of these services.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates
calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Office equipment - 20% straight line

Intangible assets amortisation policy
Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:
Development costs - 15% straight line

Other accounting policies
Going concern
The director undertakes that any amounts owed to him are only repaid after all other unsecured creditors have been repaid in full. Furthermore the director undertakes to ensure that adequate funding is obtained to facilitate the running of the company for the next twelve months.