These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Turnover comprises the fair value of the consideration received or receivable for the sale of goods
and provision of services in the ordinary course of the company’s activities. Turnover is shown net of
sales/value added tax, returns, rebates and discounts.

Rendering of services - Turnover from the rendering of services is recognised by reference to the
stage of completion of the contract. The stage of completion of a contract is measured by comparing
the costs incurred for work performed to date to the total estimated contract costs. Where the
outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses
recognised that are recoverable.

Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract
cannot be estimated reliably.

Interest income is recognised in profit or loss using the effective interest method.

Interest expense is recognised on the basis of the effective interest method and is included in interest
payable and similar charges.

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments in subsidiaries are measured at cost less accumulated impairment.

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors with no stated interest rate and receivable within one year are recorded at transaction
price. Any losses arising from impairment are recognised in the profit and loss account in
administrative expenses.

Trade creditors with no stated interest rate and payable within one year are recorded at transaction
price. Any losses arising from impairment are recognised in the profit and loss account in
administrative expenses.

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.