1. Accounting policies

Basis of measurement and preparation of accounts

The Financial Statements are prepared under the Historical Cost Convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover policy

The turnover shown in the profit and loss accounts represents revenue recognized 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

Tangible Fixed Assets are stated at cost less depreciation. Depreciation is provided at the rate of 25% pa, on Computer Equipment and 25% on Other Assets, on a straight line basis, calculated to write off the cost of each asset over its expected useful life.

Intangible fixed assets amortisation policy

Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight 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

Stock and work-in-progress are valued at the lower of cost and net realizable value, after making due allowance for obsolete and slow and accounting purposes that have originated, but not reversed at the Balance Sheet date.

2. Called up share capital

Allotted, called up and paid