Abbreviated Company Accounts - WSEA LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts 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 represents amounts receivable for goods and services net of VAT and trade discounts.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment - 25% net book value

Intangible assets amortisation policy
Patents
Patents are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives.

Other accounting policies
Investments
Fixed asset investments are stated at cost less provision for diminution in value.

4Fixed assets Investments
Fixed assets - Investments
Cost at 1st September 2014 & 31st August 2015 - £1,100
Depreciation at 1st September 2014 & 31st August 2015 - £nil
Net book value – 31st August 2014 & 31st August 2015 - £1,100

Ordinary Shares carry a right to vote at general meetings of the company. The 'A' Deferred Non-Voting Shares carry no such rights. On winding up, the holders of the Ordinary Shares are entitled to repayment of the par value of their shares prior to other shareholders. Any residue remaining after the repayment of share capital is distributable to holders of the Ordinary Shares. Holders of the 'A' Deferred Non-Voting Shares have no right to participate in any distribution on winding up other than the repayment of the par value of their shares.