Accounts filed on 30-04-2014
Accounts filed on 30-04-2014
trueS & S Precision Engineering (Washington) Limited018949932014-04-301552972159841415779721623414250002500015779721623414121628106100169960017295145283596997052763922778278047519775322560223355808366208415403636211111171241102980911712411029809Basis 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.
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.
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.
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.Land & BuildingsStraight line0.0200Plant & MachineryReducing balance0.1000Fixtures & FittingsReducing balance0.1000Motor VehiclesReducing balance0.2500258984123622572275841418600133244886152The freehold property cost is split as follows:
Land£71,211
Property£434,216
258984123622572275841418600133244886152
The freehold property cost is split as follows:
Land£71,211
Property£434,216
Hire purchase creditors are secured on the asset to which the loan relates.
Ordinary5000015000050000Ordinary12500025000250002014-09-09R Staines (snr)truetruetruetruexbrli:sharesiso4217:GBPxbrli:pureS & S Precision Engineering (Washington) Limited2013-05-012014-04-30S & S Precision Engineering (Washington) Limited2012-05-012013-04-30S & S Precision Engineering (Washington) Limited2012-04-30S & S Precision Engineering (Washington) Limited2013-04-30S & S Precision Engineering (Washington) Limited2013-04-30S & S Precision Engineering (Washington) Limited2014-04-30 2014-09-15
