Abbreviated Company Accounts - OXFORD CONVERSIS 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 the net invoiced value of services provided, excluding value added tax, and is recognised on completion of services provided.

Tangible assets depreciation policy
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Computer equipment - 33% on cost

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

The convertible shares rank equally with the ordinary shares. According to the Articles of Association, when the company achieves a profit before corporation tax and exceptional items for two successive quarters, 28,571 convertible shares will be converted to deferred shares. On 7 August 2013 the company passed a Special Resolution redesignating 28,571 Convertible Shares of £1 each into 28,571 Deferred Shares of £1 each. Deferred shares have no right to a dividend or to vote at a general meeting. Redeemable preference shares have a right to a fixed cumulative preferential dividend at a rate of 6% gross per annum payable half yearly in arrears. Redeemable preference shares have no right to vote at a general meeting and can be redeemed by the company upon giving the preference shareholders 60 days notice. On 20 July 2014 the company passed a Special Resolution redeeming the 200,000 Redeemable Preference Shares of £1 each. On a winding up, the available assets of the company would be applied in the following order of priority; payment to the holders of preference shares; accrued unpaid preference dividends together with the nominal value plus any premium paid on the preference shares; payment to the holders of ordinary, convertible and deferred shares; the nominal value of the shares pro rata to the nominal value paid up; payment of any remaining assets to the holders of ordinary shares pro rata to the nominal value paid up.

4Transactions with directors

The maximum amount outstanding during the year and due to the company was £12,500. No interest was paid during the year on this balance