1. Accounting policies

Basis of measurement and preparation of accounts

THE FINANCIAL STATEMENTS ARE PREPARED UNDER THE HISTORICAL COST CONVENTION AND IN ACCORDANCE WITH THE FINANCIAL REPORTING STANDARD FOR SMALLER ENTITIES (EFFECTIVE APRIL 2008).

Turnover policy

TURNOVER COMPRISES THE INVOICED VALUE OF GOODS AND SERVICES SUPPLIED BY THE COMPANY, NET OF VALUE ADDED TAX AND TRADE DISCOUNTS.

Tangible fixed assets depreciation policy

TANGIBLE FIXED ASSETS ARE STATED AT COST LESS DEDRECIATION DEPRECIATION IS PROVIDED AT RATES CALCULATED TO WRITE OFF THE COST OF FIXED ASSETS, LESS THEIR ESTIMATED RESIDUAL VALUE, OVER THEIR EXPECTED USEFUL LIVES ON THE FOLLOWING BASES: COMPUTERS—18% P.A. REDUCING BALANCE BASIS

Other accounting policies

THE CHARGE FOR TAXATION TAKES INTO ACCOUNT TAXATION DEFERRED AS A RESULT OF TIMING DIFFERENCES BETWEEN THE TREATMENT OF CERTAIN ITEMS FOR TAXATION AND ACCOUNTING PURPOSES. IN GENERAL, DEFERRED TAXATION IS RECOGNISED IN RESPECT OF ALL TIMING DFIFFERENCES THAT HAVE ORIGINATED BUT NOT REVERSED AT THE BALANCE SHEET DATE. HOWEVER, DEFERRED TAX ASSETS ARE RECOGNISED ONLY TO THE EXTENT THAT THE DIRECTORS CONSIDER THAT IT AS MORE LIKLEY THAN NOT THAT THEY WILL BE RECOVERED AGAINST THE REVERSAL OF DEFERRED TAX LIABILITIES OR OTHER FUTURE TAXABLE PROFITS. DEFERRED TAXATION IS MEASURED ON A NON-DISCOUNTED BASIS AT THE AVERAGE TAX RATES THAT WOULD APPLY WHEN THE TIMING DIFFERENCES ARE EXPECTED TO REVERSE, BASED ON TAX RATES AND LAWS THAT HAVE BEEN ENACTED BY THE BALANCE SHEET

3. Tangible assets

5. Called up share capital

Allotted, called up and paid