Accounts filed on 31-05-2014

trueSoulmine Limited054625042014-05-31-8950-7475-8949-747411-8949-7474-8949-7474-8949-76112299222207140431459629854555804273123016272901370137Basis 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). Cash flow statement In the opinion of the directors the company qualifies as a small company and accordingly a cash flow statement is not required. Turnover The turnover shown in the profit and loss account represents retail sales during the year, excluding 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. Operating lease agreements Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. 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: 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. EquipmentStraight Line0.3333911911911774137911911911774137Ordinary1001100100Ordinary11112015-02-18Mr D J Meadtruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureSoulmine Limited2013-06-012014-05-31Soulmine Limited2012-06-012013-05-31Soulmine Limited2012-05-31Soulmine Limited2013-05-31Soulmine Limited2013-05-31Soulmine Limited2014-05-31 2015-02-27