1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in compliance with the provisions of the Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008 (SI2008/409) and Financial Reporting Standard 102 Section 1A.

Turnover policy
Turnover represents net invoiced fees for work done during the year and is stated net of value added tax.

Tangible assets depreciation policy
Fixed assets are stated at cost less a provision for accumulated depreciation.

Depreciation is provided at the following annual rates in order to write each asset down to its residual value over its estimated useful life:

Motor vehicles – 25% on reducing balance
Office equipment - 25% on reducing balance
Plant and tools – 25% on reducing balance

Other accounting policies
Deferred taxation

Deferred tax is recognised by making provision, at current rates, for all timing differences that have originated but not reversed by the balance sheet date. Timing differences arise where tax relief is obtained for expenditure in a different period to which the expenditure is charged in the profit and loss account. Deferred tax is not recognised when assets are revalued unless, by the balance sheet date, the company has entered into a binding agreement to sell the assets and recognised the gains or losses expected to arise on sale, or where assets have been sold and it is expected that the taxable gain will be rolled over into a replacement asset.