Accounts filed on 31-05-2015
Accounts filed on 31-05-2015
trueTyres 2 Go Limited062479552015-05-3112845890012847890222128478902128478902-5635-108847484954545692144366155190485253500015170866118482197861848219786Basis 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.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
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.
Plant & MachineryMethod for Plant & equipment0.0000Motor VehiclesMethod for Motor vehicles0.0000EquipmentMethod for Equipment0.000058502557172785400203593140895850255717278540020359314089Ordinary1000110001000Ordinary12222015-09-14Mr S Akhtartruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureTyres 2 Go Limited2014-06-012015-05-31Tyres 2 Go Limited2013-06-012014-05-31Tyres 2 Go Limited2013-05-31Tyres 2 Go Limited2014-05-31Tyres 2 Go Limited2014-05-31Tyres 2 Go Limited2015-05-31 2015-09-14
