1. Accounting policies

Basis of measurement and preparation of accounts

The financial statements have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) under the historical cost convention.

Turnover policy

Turnover shown in the profit and loss account represents revenue earned during the year, exclusive of VAT.

Tangible fixed assets depreciation policy

Depreciation has been provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful lives: Office equipment and software 50% on cost Office furniture 20% on cost

Intangible fixed assets amortisation policy

N/A

Valuation information and policy

Stocks and work in progress have been 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 and variable overheads.

Other accounting policies

Taxation policy Corporation tax payable is provided on taxable profits at the current rate. Deferred taxation policy Deferred taxation is recognised in respect of all timing differences that have originated but not been reversed at balance sheet date. Timing differences are differences between the taxable profits and the results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. A net deferred tax asset is regarded as recoverable and therefore recognised only when it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing differences can be deducted. Policy on foreign currencies Transactions in foreign currencies are recorded at the average rate of exchange for the date on which the transaction occurred (according to the website oanda.com) or, if hedged, at the forward contract rate. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date or, if appropriate, at the forward contract rate. Any gain or loss arising from a change in exchange rates subsequent to the date of the transaction is included as an exchange gain or loss in the profit and loss account. Policy on investments Fixed asset investments are shown at cost less provision for impairment. Policy on pension costs The company does not operate a pension scheme.

2. Called up share capital

Allotted, called up and paid