Accounts filed on 31-12-2014
Accounts filed on 31-12-2014
trueKey Mark Locksmiths Ltd067784912014-12-31253492303925351230412225351230412535123041-9344-14392539924161044648272189234793420005000334141428434695374332500025000969512433Basis 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, exclusive of Value Added Tax.
GoodwillPositive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its useful economic life. Where a reliable estimate of the useful
life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years. Useful
ecomonic lives are reviewed at the end of each reporting period and revised if necessary, subject to the
constraint that the revised life shall not exceed 20 years from the date of acquisition. The carrying amount
at the date of revision is depreciated over the revised estimate of remaining useful economic life.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.
Fixed Assets
All fixed assets are initially recorded at cost.
Financial Instruments
Compound instruments
Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability.
The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument.
The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.
Motor VehiclesMethod for Motor vehicles0.0000EquipmentMethod for Equipment0.00002500025000243932405933414698116263072493934905933414698116263072Ordinary2122Ordinary12222015-04-22Mr M Burketruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureKey Mark Locksmiths Ltd2014-01-012014-12-31Key Mark Locksmiths Ltd2013-01-012013-12-31Key Mark Locksmiths Ltd2012-12-31Key Mark Locksmiths Ltd2013-12-31Key Mark Locksmiths Ltd2013-12-31Key Mark Locksmiths Ltd2014-12-31 2015-05-08
