Accounts filed on 30-11-2014
Accounts filed on 30-11-2014
trueWidnes Sport Limited064141122014-11-30-1412896-1350366-1212296-134956610008001996000-1212296-1349566495221694515-717075-655051-927096-94148814545251116609527429175121273559108548116240457701376302080321002128643772500105000137521181437Basis 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over
the useful economic life of that asset as follows:
Transfer Fee-25% pa straight line
Licence-10% pa straight line
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
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.
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.
Going Concern
These financial statements have been prepared on the going concern basis, which assumes that the company will be able to meet its liabilities as they fall due. The company meets its day to day working capital requirements with the financial support of the directors. On the basis of the next 12 months budget the directors consider that the company will continue to operate within its financial means. The directors have confirmed that they will not demand repayment of their loan accounts to the detriment of the third party creditors.
Plant & MachineryMethod for Plant & equipment0.0000Leasehold Property Improve mentsMethod for Leasehold property0.0000175000175000102500700003250090292590099819277654047195614584310779251075998192786790478956178343Ordinary100011000800Ordinary110008001000Ordinary12002002002015-05-08Mr J Ruletruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureWidnes Sport Limited2013-12-012014-11-30Widnes Sport Limited2012-12-012013-11-30Widnes Sport Limited2012-11-30Widnes Sport Limited2013-11-30Widnes Sport Limited2013-11-30Widnes Sport Limited2014-11-30 2015-08-24
