Accounts filed on 31-07-2015
Accounts filed on 31-07-2015
trueElburton Garages Limited010485562015-07-3111823473635118334737351001001183347373523992320120733760551067646274747585414611543491042083919941398330045151118505829513969133081396913308Basis 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 January 2015).
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:
Goodwill-Up to 20 years 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.
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
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 taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
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.
Plant & Machineryon reducing balance0.1500Fixtures & Fittingson reducing balance0.1500Motor vehicleson reducing balance0.25003000300030003000Goodwill arose on the purchase of the business in 1972 and was written off over 20 years from the year ended 31 July 1982. 103836100131370589867868233044106836103131370592867898233044Goodwill arose on the purchase of the business in 1972 and was written off over 20 years from the year ended 31 July 1982.
Ordinary1001100100Ordinary11001001002016-04-27Mr D G Bowreytruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureElburton Garages Limited2014-08-012015-07-31Elburton Garages Limited2013-08-012014-07-31Elburton Garages Limited2013-07-31Elburton Garages Limited2014-07-31Elburton Garages Limited2014-07-31Elburton Garages Limited2015-07-31 2016-04-27
