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 for Smaller Entities (effective April 2008).

Turnover policy

Turnover represents net invoiced sales or services, excluding (VAT) value added tax.

Tangible fixed assets depreciation policy

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or residual value, less estimated residual value of each asset evenly over its expected useful life, as follows: Plant and Machinery – 25% straight line, Office Equipment – 25% straight line, Furniture & Fittings – 25% straight line.

Other accounting policies

Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date at rates expected to apply when they crystallize based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements. Deferred tax assets are recognized to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.

2. Tangible assets

3. Called up share capital

Allotted, called up and paid