Abbreviated Company Accounts - POLANI TRAVEL 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
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the company's ordinary activities.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Fixtures, fittings and equipment - 25% reducing balance

Intangible assets amortisation policy
Website
Website is written off in equal annual instalments over its estimated useful economic life of 10 years.

Valuation information and policy
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates date of the transactions. All differences are taken to the Profit and Loss account.

Other accounting policies
Related party transactions
The company is controlled by Mr.Sajid Nadeem Siddiq and Mr. Nasser Nadeem Siddiq,each own 50% equity in the company. Directors current account is debited with personal transactions and credited with Directors Remuneration as well as Dividends.

Security:
Limited Guarantee given by Mr Sajid Nadeem Siddiq and Mr Nasser Nadeem Siddiq for £500,000.00 dated 17 December 2012.

Limited Guarantee given by Mr Sajid Nadeem Siddiq and Mr Nasser Nadeem Siddiq for £175,000.00 dated 14 November 2012.

Limited Guarantee given by late Mohammed Siddiq and Mrs Nasir Begum Siddiq for £500,000.00
dated 15 October 2008 to Travel Airlines (as above).
Limited Guarantee given by late Mohammed Siddiq and Mr's Nasir Begum Siddiq for £342,000.00
dated 12 June 2003.(Late Mohammed died on 30 June2011)
Limited Guarantee given by I Visa company Limited for £150,000.00 dated 23 November 2012.