Balance sheet continued

As at 31 December 2016

For the year ending 31 December 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 December 2016

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

  Turnover represents the amounts (excluding value added tax and trade discounts) derived from the provision of goods and services to customers during the year.

  Tangible fixed assets depreciation policy

  Tangible Assets are included at cost less depreciation and impairment. Depreciation has been provided to write off the cost less the estimated residual value by equal annual instalments over 4 years.

  Valuation information and policy

  Stocks are stated at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items.