Abbreviated Company Accounts - PROSAFETY TRAINING LTD

1Accounting Policies

Basis of measurement and preparation of accounts
Basis of accounting

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

Turnover represents the value of fees earned in respect of work undertaken in the UK,exclusive
of Value Added Tax.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value,
over the useful economic life of that asset as follows:

Software - 20% straight line

Fixed assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value,
over the useful economic life of that asset as follows:

Equipment - 20% straight line

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of
ownership remain with the lessor are charged against profits on a straight line basis over the
period of the lease.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not
reversed at the balance sheet date 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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the
contractual arrangement, as either financial assets, financial liabilities or equity instruments. An
equity instrument is any contract that evidences a residual interest in the assets of the company
after deducting all of its liabilities.

RELATED PARTY TRANSACTIONS

The company was under the control of Mr G.A. Cody throughout the current and previous
financial years. Mr G.A. Cody is the managing director and sole shareholder.
At the year end, the company owed the director £51,974 (2014 - £29,207). There was no interest
charged on this amount and there were no fixed terms for repayment.