Abbreviated Company Accounts - EXLEAZ SOLUTIONS 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, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Tangible assets depreciation policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Computer Equipment: 40% straight line
Office Equipment: 20% straight line

Other accounting policies
Foreign currencies
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 differences are taken to the profit and loss account.

Research & Development Expenditure
Research expenditure is recognised as an expense when it is incurred. Development expenditure is recognised as an expense except that expenditure incurred on development projects are capitalised as long-term assets to the extent that such expenditure is expected to generate future economic benefits. Amortisation of capitalised development expenditure commences when the products are ready for use, over an estimated life of 5 years.

4Fixed assets Investments
The company holds 99.995% of the ordinary share capital of Exleaz Consulting (India) Private Limited, a company incorporated in India.

The accounts for Exleaz Consulting (India) Private Limited year ended 31 March 2014 are currently being prepared, therefore the capital and reserves / profit for the year are currently unavailable for disclosure. Indications are that the company will make a profit for the year and continue to show a positive capital and reserves balance.