1. Accounting policies

Basis of measurement and preparation of accounts

The financial statements 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 revenue earned during the period, exclusive of VAT.

Tangible fixed assets depreciation policy

Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life. Freehold buildings – 2% on cost or revalued amounts, Plant and Machinery – 15% on cost, Fixtures and fittings – 10% on cost, Motor vehicles – 25% on cost.

Other accounting policies

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives and lease term, whichever is the shorter. The interest element of the future payments is treated as a liability. Rentals paid under operating leases ar charged to the profit and loss account on a straight line basis over a period of the lease. Research and Development Expenditure on research and development is written off in the year in which it is incurred.

2. Tangible assets

3. Called up share capital

Allotted, called up and paid