Abbreviated Company Accounts - INTEGRATED GEOCHEMICAL INTERPRETATION 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 total value of goods, excluding value added tax, provided to customers during the year, plus the value of work, excluding value added tax, performed during the year with respect to services.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
Property improvements - Not depreciated
Fixtures, fittings and equipment - 25% straight line
Tangible fixed assets are stated at cost less accumulated depreciation.

Other accounting policies
Research and development:-
Research expenditure is written off to the profit and loss account in the year in which it is incurred.

Leasing:-
Rental payable under operating leases are charged against income on a straight line basis over the lease term.

Stock:-
Stock is valued at the lower of cost and net realisable value.

Pensions:-
The pension costs charged in the financial statements represent the contribution payable by the company during the year.

Deferred taxation:-
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Foreign currencies:-
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transactions. All differences are taken to the Profit and Loss account.

Ultimate parent undertaking:-
The parent company is Granary (Holdings) Limited, a company registered in the UK and ultimately controlled by Dr C Cornford, Mrs E S Cornford and Dr S D Cornford.

On 23 July 2014 1 £1 Ordinary share was issued, at a premium of £3,599.