Abbreviated Company Accounts - PYRABELISK 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 amounts received for projects which have been completed. Income related to projects in progress is repayable to clients until the project is completed and is therefore treated as a payment on account until the income is guaranteed.

Tangible assets depreciation policy
All fixed assets are initially recorded at cost and depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows
Furniture and equipment - 25% on the reducing balance

Other accounting policies
Foreign currencies
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 the transaction. Exchange differences are taken into account in arriving at the operating profit.
Dividends
Directors Mrs M J Leach and Mr M Holborow were each paid dividends during the year. The dividends paid to them were £6,500 and £3,500 respectively on 9th October 2014 and again on 26th March 2015 and a final dividend of £13,325 and £7,175 respectively on 31st May 2015.