Turnover comprises of commission and fees for processing direct debits received from insurers in respect of insurance policies incepting during the period.

Intangible assets are carried at fair value being the revalued amount less any subsequent accumulated amortisation and impairment losses.  An annual review has been carried out by the directors.  The carrying amount is the same as the residual value, hence no amortisation is charged.

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

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 rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.