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

Turnover comprises the amounts receivable for supplies of goods and services, excluding VAT and net of trade discounts.

Tangible fixed assets depreciation policy

Tangible assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land and after taking account of grants receivable, at the following annual rates in order to write off each asset over its estimated useful life: Office Equipment 30% reducing balance basis.

Other accounting policies

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. Costs include all direct expenditure and an appropriate proportion of fixed and variable overheads. Deferred taxation provision is made in full for all taxation deferred in respect of timing differences that have originated but not reversed by the balance sheet date, except for gains on disposal of fixed assets which will be rolled over into replacement assets. No provision is made for taxation on permanent differences. Deferred tax assets are recognised to the extent that it is more likely than not that they will be recovered. Lease rentals applicable to operating leases were substantially all of the benefits and risks of ownership remain with the lessor are charged against profits as incurred.

2. Tangible assets

3. Called up share capital

Allotted, called up and paid