Accounts filed on 31-08-2015
Accounts filed on 31-08-2015
trueEC WIRE LIMITED032399302015-08-31-222362611683536569108401001003757926495723536569108407775757178000078000011414311698411422557378462104097910473081463536142577052373065094762074654400031906023082371887413199497188741319949Basis of accounting
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets, 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.
Investment properties
Investment properties are shown at their open market value. The surplus or deficit arising from
the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or
its reversal, on an individual investment property is expected to be permanent, in which case it
is recognised in the profit and loss account for the year.
This is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
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.
Plant & MachineryReducing balance0.1500Fixtures & FittingsReducing balance0.2500Motor VansReducing balance0.2500Computer EquipmentReducing balance0.2500774164137132481640-405021-273779552905137512184-8269The directors consider that the open market value of the investment properties as at 31 August 2015 was £680,000 (2014:£1,278,050). No depreciation is provided in respect of these properties.
On a historical cost basis this would have been included at an original cost of £299,408 (2014:£623,678).
774164137132481640-405021-2737795529051375-826912184
The directors consider that the open market value of the investment properties as at 31 August 2015 was £680,000 (2014:£1,278,050). No depreciation is provided in respect of these properties.
On a historical cost basis this would have been included at an original cost of £299,408 (2014:£623,678).
Ordinary1000110001000Ordinary11001001002016-05-18MR B E TUDORtruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureEC WIRE LIMITED2014-09-012015-08-31EC WIRE LIMITED2013-09-012014-08-31EC WIRE LIMITED2013-08-31EC WIRE LIMITED2014-08-31EC WIRE LIMITED2014-08-31EC WIRE LIMITED2015-08-31 2016-05-26
