Abbreviated Company Accounts - DOLJUL VENTURES & ELECTRONICS LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention as modified by
the revaluation of certain fixed assets and in accordance with the financial reporting
standards FRS 102. (Effective January 2015)

Turnover policy
The turnover shown in the statement of comprehensive income represents revenue recognised by
the company in respect of goods and services during the period exclusive of
Value Added Tax (VAT) and trade discounts.

Tangible assets depreciation policy
Depreciation is provided after taking account of any grants receivable, at the following annual
rates in order to write off each assets or class of assets over its economic useful life.
Freehold building where available we use 2% on cost or revalued amounts.
Plants and Machinery – 25% on cost or valuation over the economic useful life of the assets
Fixtures and fittings – 50% on cost - straight-line method over the economic useful life of two years
– predominantly, these are computers and small office devices
because of very short life span
Motor vehicle - 25% on cost straight-line method over the economic useful life of four years

Intangible assets amortisation policy
Intangible fixed assets (including purchased goodwill and patents) are amortised at rates
calculated to write off the assets on a straight line basis over their estimated useful economic lives,
not to exceed twenty years. Impairment of intangibles assets is only reviewed where circumstances
indicate that the carrying amount 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 realisable value after making
due allowances for obsolete and slow moving items. Cost includes all direct expenditure and an
appropriate proportion of fixed and variable overheads.

Other accounting policies
Assets obtained under hire purchase agreement or finance leases are capitalised in the
balance sheet. Those held under hire purchase agreements are depreciated over their
estimated useful lives. Those held under finance leases are depreciated over their estimated
useful lives or the term of the relevant period. The capital element of the future payments is
treated as liability.

Rentals paid under operating leases are charged to the profit and loss account on a
straight line basis over the period of the lease.

Research and Development expenditure on research and development is written off in the year
in which it is incurred.
Deferred taxation is provided in full in respect of taxation deferred by timing differences between
the treatment of certain items for taxation and accounting purposes. Deferred taxation is calculated
at the rates of tax that are expected to apply in the periods when the timing differences will
reverse and has not been discounted.
Depreciation is charged on any asset purchased within the year in full irrespective of the time of
purchase.

Each share is entitled to one vote in any circumstance and each share is also entitled
pari passu to dividend payments or any other distribution, including a distribution
arising from a winding up of a company