Abbreviated Company Accounts - VISUAL CAPITAL LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The full financial statements, from which these abbreviated accounts have been extracted, 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 comprises revenue recognised by the company in respect of office supply services
supplied during the year, exclusive of Value Added Tax and trade discounts.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates
calculated to write off the cost of fixed assets, less their estimated residual value, over their
expected useful lives on the following bases:

Fixtures and fittings - 5 years straight line
Office equipment - 3 years straight line
Leased equipment - Over the term of the lease

Other accounting policies
Deferred taxation

Full provision is made for deferred tax assets and liabilities arising from all timing differences
between the recognition of gains and losses in the financial statements and recognition in the tax
computation.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will
be suitable taxable profits from which the future reversal of the underlying timing differences can be
deducted.

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time
the timing differences are expected to reverse.

Deferred tax assets and liabilities are not discounted.