Accounts filed on 30-04-2014
Accounts filed on 30-04-2014
trueRainsough Filling Station Limited006401212014-04-301433651426301434651427301001001434651427308558631443201435931391161381443870836856177824175000998126753367161450971296929585204544952045449Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year for the provision of fuel, parts and labour, exclusive of Value Added Tax.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not
reversed at the balance sheet date where transactions or events have occurred at that date that
will result in an obligation to pay more, or a right to pay less or to receive more tax, with
the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments)
of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement
assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose
of the assets concerned. However, no provision is made where, on the basis of all available
evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled
over into replacement assets and charged to tax only where the replacement assets are sold.
Deferred tax assets are recognised only to the extent that the directors consider that it is more
likely than not that there will be suitable taxable profits from which the future reversal of the
underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected
to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or
substantively enacted at the balance sheet date.
Fixed Assets
All fixed assets are initially recorded at cost.
Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.Plant & MachineryReducing balance0.1500Fixtures & FittingsReducing balance0.1500Motor VehiclesReducing balance0.25005792759127700-19005272353678906-18615792759127700-19005272353678-1861906Ordinary1001100100Ordinary1100100100Transactions with the DirectorsIncluded in debtors is a loan to Mr R Turner, a company director.The balance due from Mr R Turner at 30 April 2014 was £75,223 (2013: £44,279). During the year the director has made monthly withdrawals of £300 totalling £3,600 and advanced cash of £25,000. The director, Mr R Turner, repaid £20,000 after the year end. The company charges interest on the overdrawn loan account at a rate equivalent to HMRC's official rate at the time.2015-01-22R Turnertruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureRainsough Filling Station Limited2013-05-012014-04-30Rainsough Filling Station Limited2012-05-012013-04-30Rainsough Filling Station Limited2012-04-30Rainsough Filling Station Limited2013-04-30Rainsough Filling Station Limited2013-04-30Rainsough Filling Station Limited2014-04-30 2015-01-22
