1. Accounting policies

Basis of measurement and preparation of accounts

Accounting Convention - The accounts are prepared under the historical cost convention and in accordance with the Financial Reporting Standards for Small Entities (efffective 2008)

Turnover policy

Turnover represents goods and services invoiced and confirmed as sales within the year,exclusive of Value Added Tax. Far East £171909, Middle East £1196675, North America £3191,South and Central America £201841, United Kingdom £72576, Europe £71023.

Tangible fixed assets depreciation policy

Depreciation is calculated so as to write-off the original cost by annual instalments over the expected useful lives of the assets concerned, on the following basis, Fixtures and Fittings 15% reducing balance basis Motor Vehicles 25% reducing balance basis Computer Equipment 20% straight line basis Plant and Machinery 25% reducing balance basis Leasehold Premises 5% straight line basis

Valuation information and policy

Stock is valued at the lower of cost or net realisable value with due allowance being made for obsolete stock.

Other accounting policies

Foreign Currency Assets, liabilities, revenues, and costs denominated in foreign currencies are recorded at an average rate of exchange for the year. Monetary assets and liabilities at the balance sheet date are translated at the year end rate of exchange. All exchange differences thus arising are charged in the profit and loss account Deferred Taxation Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax with the following exceptions: provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than no that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold; deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlaying timing differences can be deduced. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

6. Tangible assets

8. Debtors

9. Creditors: amounts falling due within one year

10. Creditors: amounts falling due after more than one year

11. Called up share capital

Allotted, called up and paid

13. Related party disclosures

The ultimate controlling party is Mr J M Banks, a director and majority shareholder.