Accounts filed on 31-12-2014
Accounts filed on 31-12-2014
trueMasterfreight Limited045934962014-12-31138579901191386799021910010013867990219120771344343678511901944341548529896072266335701415932434661488198400636449098137751885020250202509547482586450047509097477836Basis 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.
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.
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:
Goodwill-5% 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.
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 at a constant rate of charge on the balance of capital repayments outstanding.
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.
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.
Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.Motor VehiclesReducing balance0.2500EquipmentStraight line0.33335000500050025025039886331679182072307889238955689344038633217918207230838923920569184Ordinary1001100100Ordinary11001001002015-09-30Mr K L Balutruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureMasterfreight Limited2014-01-012014-12-31Masterfreight Limited2013-01-012013-12-31Masterfreight Limited2012-12-31Masterfreight Limited2013-12-31Masterfreight Limited2013-12-31Masterfreight Limited2014-12-31 2015-09-30
