1. Accounting policies

Basis of measurement and preparation of accounts

The financial statements have been prepared under the historical cost as modified by the revaluation of certain fixed assets and accordance with the Financial Reporting Standard for Smaller Entities ( Effective April 2008).

Turnover policy

The turnover shown in the profit and loss account represent revenue recognised by the company in respect of goods and services supplied during the period, exclusive of Value Added Tax and trade discounts.

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. Plant and Machinery and Fixture and fittings – 25% reducing.

Intangible fixed assets amortisation policy

Intangible fixed assets (including good will and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives, not to exceed twenty years. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable

Valuation information and policy

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed cost

Other accounting policies

Research and Development Expenditure on research and development is written off in the year in which it is incurred. Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. Deferred taxation is calculated at the rates of tax that are expected to apply in the period when the timing differences will reverse and has not been discounted.

2. Tangible assets

3. Called up share capital

Allotted, called up and paid