Abbreviated Company Accounts - ORGANIC UNIVERSE 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 January 2015).

Turnover policy
Turnover represents the value of goods and services provided, net of VAT and discounts.

Tangible assets depreciation policy
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Office equipment - 20% straight line

Intangible assets amortisation policy
Trademark is amortised over its expected useful life of 10 years.

Valuation information and policy
Foreign currency
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All exchange differences are taken to the profit and loss account.

Other accounting policies
Hire purchase and leasing
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Stock
Stocks are consistently valued at the lower of cost and net realisable value.

During the year 2,900 Ordinary A shares having an aggregate nominal value of £2,900 were allotted for an aggregate consideration of £2,900.