1. Accounting 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 Standard for Smaller Entities.

Turnover policy

The turnover shown in the profit and loss account represents revenue recognised by the company in respect of goods and services supplied during the period, exclusive of VAT and trade discounts

Tangible fixed assets depreciation policy

Depreciation is provided after taking account any grants receivable, at the following rates in order to write off each asset over its estimated useful life. Freehold buildings - 2% on cost or revalued amounts, Plant and Machinery - 15% on cost, Fixtures and Fittings 10% on cost, Motor Vehicles - 25% on cost.

Intangible fixed assets amortisation policy

Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off assets on a straight line basis over their estimated useful economic lives, not to exceed twenty years. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.

Valuation information and policy

Stocks and work-in-progress are valued at the lower of the cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate portion of fixed and variable overheads.

Other accounting policies

Assets obtained under hire purchase contacts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives o the lease term, whatever is the shorter. The interest element of these obligations is charged to the profit and loss account over the relevant period, The capital element of the future payments is treated as a liability. Rental paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. 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 difference will reverse and has not been discounted.

5. Tangible assets

6. Debtors

7. Creditors: amounts falling due within one year

8. Called up share capital

Allotted, called up and paid