Accounts filed on 30-06-2014
Accounts filed on 30-06-2014
trueCrystalcreek Limited043459792014-06-30-12126-12117-12125-1211611-12125-12116-12125-12116-12125-1211616160174604035534440355344Basis 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.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Finance lease agreements
Where the company enters into a lease which entails taking substantially all the risks and rewards
of ownership of an asset, the lease is treated as a finance lease. The asset is recorded in the
balance sheet as a tangible fixed asset and is depreciated in accordance with the above
depreciation policies. Future instalments under such leases, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account on a straight line basis, and the capital element which reduces the outstanding obligation for future instalments.
Fixed Assets
All fixed assets are initially recorded at cost.
Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Film asset - Cost B/FwdMethod for Fixed asset 70.0000
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2422695324226953242269532422695324226953242269532422695324226953Ordinary1111The company was under the control of Mr Timothy Burrill throughout the current
and previous year. Mr Timothy Burrill is the managing director and majority
shareholder.
No transactions with related parties were undertaken such as are required
to be disclosed under Financial Reporting Standard 8.Balance sheet Spare note 20 (user defined)COMMITMENTS UNDER FINANCE LEASE AGREEMENT
Future commitments under the finance lease agreements are as follows:
The finance lease is matched by secured bank deposit such that the principal on deposit and the interest earned will be sufficient to cover the rental obligations on the finance lease until the end of the lease.
The deposit is only to be used to settle the finance lease liability and therefore it does not represent asset and liability. Consequently, it has been netted off with the finance lease creditor to show the net unmatched liability at year-end.Balance sheet Spare note 95 (user defined)GOING CONCERN
The accounts are prepared on the going concern basis. The Director confirms he will continue to support the Company throughout the next 12 months.2015-03-23T P Burrilltruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureCrystalcreek Limited2013-07-012014-06-30Crystalcreek Limited2012-07-012013-06-30Crystalcreek Limited2012-06-30Crystalcreek Limited2013-06-30Crystalcreek Limited2013-06-30Crystalcreek Limited2014-06-30 2015-03-24
