Accounts filed on 31-03-2015
Accounts filed on 31-03-2015
trueStraughans Limited03574727178 8132 322015-03-31479104413874479108413878444791084138786651649923533135200572109077238213371811454033652033243547023844697540633537541463903715615873726578425333336000005403957842Basis 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, as adjusted for work in progress. This equates to the value of services provided during the year.
In respect of 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 contracts for on-going services is recognised by reference to the stage of completion. This is in line with the requirements of UITF 40 and the effect on the financial statements is to recognise an increased level of turnover and as a debtor within current assets.
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-over 5 to 15 years
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.
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 to the company.
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.Computer EquipmentStraight line0.2500Office Equipment etc.Reducing balance0.1000Leasehold PropertyRemaining life of the lease which is 9 years 7 months0.0800Motor VehiclesReducing balance0.150010000001000000466667400000666671107581323166868-28426567197447410670-28425111075811323166868-28426523386474474-2842577337Ordinary2122Ordinary 'B'1111Ordinary 'C'1111Ordinary1222Ordinary 'B'1111Ordinary 'C'11112015-12-21Mr MJH Taittruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureStraughans Limited2014-04-012015-03-31Straughans Limited2013-04-012014-03-31Straughans Limited2013-03-31Straughans Limited2014-03-31Straughans Limited2014-03-31Straughans Limited2015-03-31 2015-12-22
