3 Accounting policies
Basis of preparation
The abridged financial statements
have been prepared on the historical cost basis.The abridged financial statements
are prepared in £ sterling. Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and value added tax and other sales taxes.
Current tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
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:
| Office equipment | 25% straight line |
| Fixtures and fittings | 25% straight line |
Pension costs
Contributions are made into an independently operated pension scheme and are charged to the profit or loss in the period to which they relate.
Foreign exchange
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.