Abbreviated Company Accounts - MAYZUS FINANCIAL SERVICES 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 value of commissions earned on transactions and the invoiced value of fees charged during the year.

Intangible assets amortisation policy
Intangible fixed assets (Software) are amortised at rates calculated to write off the assets on a straight basis over their estimated useful economic lives, not to exceed five 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
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.

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.

Investments
The subsidiary company is stated at cost less any impairment provisions.

3Fixed assets Investments
The company's investments at the balance sheet date in the share capital of companies include the following:
Mayzus Financial Services s.r.o
Country of incorporation: Czech Republic
Nature of business: Money remittance service business