2. Accounting policies:
Basis of preparing the financial statements These financial statements have been prepared in accordance with Financial Reporting Standard 102 including the provisions of Section 1A ‘Small entities’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Turnover :
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Goodwill:
Goodwill being the amount paid in connection with the acquisition of a business in 2017,is being amortized evenly over its estimated useful life of ten years.
Intangible assets:
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortization and any accumulated impairment losses.
Tangible assets:
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: Computer and related office equipment at 20% straight line on cost; rope access and other working at heights equipment at 45% straight line on cost following the safety rules of the Industrial Rope Access Trade Association on the replacement of used equipment.
Stocks:
Stocks are valued at the lower of cost and net realizable value after making due allowance for obsolete items.
3. Employees and directors :
The average number of employees during the year was 1 (2022 - 1)
4. Operating profit : The operating profit is stated after charging the sums for Depreciation of owned assets and Goodwill amortization.