1Accounting Policies

Basis of measurement and preparation of accounts
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

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 (expect as otherwise stated).

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

Tangible assets depreciation policy
Tangible fixed assets other than freehold land 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:

Land and buildings freehold: 2% per annum on cost of buildings
Plant and machinery: 20% per annum on net book value
Motor vehicles: 25% per annum on net book value

Intangible assets amortisation policy
Goodwill
Acquired goodwill is written of as appropriate over its estimated useful economic life.