1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

The company experienced a significant deterioration in sales volume and margins in the latter part of 2014 and this continued during 2015. As a result the company experienced significant cashflow difficulties and the directors reached the conclusion that there was no alternative but to appoint a liquidator as the board believed that the company was no longer a going concern. As a consequence trading ceased on 11 September 2015 and the company was placed into a creditors voluntary liquidation on 25 September 2015.

Turnover policy
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery - 33% on cost
Leasehold improvements - 20% on cost

Valuation information and policy
Stock
Stock for resale is valued by the directors at the lower of cost and estimated net realisable value.

Other accounting policies
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently.

Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.