1. Accounting 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 invoiced value of goods and services supplied by the company, net o value added tax and trade discounts.

Tangible fixed assets depreciation policy

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. Leasehold property 10% straight line, plant and machinery 25% reducing balance, fixtures and fittings 25% reducing balance, equipment 25% reducing balance.

Valuation information and policy

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

Other accounting policies

Deferred taxation - Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on a un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. 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 exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. Leasing and hire purchase commitments - Assets held under finance leases are hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Rentals paid under operating leases are charged to income on a straight line basis over the lease term

2. Tangible assets

3. Called up share capital

Allotted, called up and paid