Accounts filed on 31-12-2014

trueMetalwash Limited030225242014-12-31391336520322056730221632032012473418031356380563802205673022160759512721384283347780394094-59797-48686231448235216171651186530132873150234385803624719849407577442780407577442780Basis of preparation The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). Turnover The company's turnover represents the value, excluding Value Added Tax, of goods and services supplied to customers during the year. Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Hire purchase agreements Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis. 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. 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. Pension costs The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account. 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. Plant & MachineryMethod for Plant & equipment0.0000Fixtures & FittingsMethod for Fixtures & fittings0.0000Motor VehiclesMethod for Motor vehicles0.0000MachinesMethod for Equipment0.0000Leasehold PropertyMethod for Leasehold property0.0000 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. 841329860362145123-164156433752417582112256-96086841329860362145123-164156433752417582-9608611225612721384283A ordinary50000.10500500B ordinary50000.10500500A ordinary0.102702702700B ordinary0.105050500 During the year to 31 December 2012 the company revalued all it's machine assets held at clients' premises. The total of this revaluation came to £359,000. 2015-06-03J T H MarshallMr A S YoungDirectortruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureMetalwash Limited2014-01-012014-12-31Metalwash Limited2013-01-012013-12-31Metalwash Limited2012-12-31Metalwash Limited2013-12-31Metalwash Limited2013-12-31Metalwash Limited2014-12-31 2015-06-03