Abbreviated Company Accounts - V-TRAK LTD

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.

Tangible assets depreciation policy
Depreciation has been provided at the following rates in order to write off all the assets over their estimated useful lives.

Plant & Machinery 20% straight line

Intangible assets amortisation policy
In March 2015 the directors carried our an impairment review of the value of the intangible assets to
assess whether the criteria for treating R&D expenditure in this way are being met. The directors
concluded that there are no longer separate and clearly defined projects related to this expenditure, and whilst revenue is being realized from the R&D associated with these assets, it is not possible to match current and future revenue with the expenditure incurred accurately. Given this, the directors believe they should write off the remaining R&D expenditure as at 31 March 2015

Other accounting policies
Going Concern
The directors have reviewed the budget and considered the future cash flow of the company, and as a result have adopted the going concern basis of accounting.

Stocks
Stocks are valued at the lower of cost and net realizable value

Leasing and hire purchase commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalized in the balance sheet and are depreciated over their useful lives.
The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.
Rentals paid under operating leases are charged to income on a straight-line basis over the lease term.

Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Deferred Tax
Provision no longer required therefore written off

4Fixed assets Investments
The Company holds 20% or more of the following company

International Seating and Mobility Ltd Shares held 1 x ordinary 100% £1000

7Transactions with directors

During the year, the company traded with Panthera Norge AS in which Mr Erik Bergh has a controlling interest. The Company sold products of £42,798 to Panthera Norge.
At the year end the company owed £17,302 in relation to an advanced payment from Panthera Norge AS