Accounts filed on 30-04-2016
Accounts filed on 30-04-2016
truePhilcar Projects Limited022473992016-04-30-1003396303406310010003406303406303406309613043676043676Basis 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
Turnover is the total amount receivable by the company for goods supplied and services rendered, excluding VAT.
Pension costs
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
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:
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.
Office EquipmentReducing balance basis0.2500Ordinary1001100100Ordinary11001001002016-06-24Mr P A Wrighttruetruetruetruexbrli:sharesiso4217:GBPxbrli:purePhilcar Projects Limited2015-05-012016-04-30Philcar Projects Limited2014-05-012015-04-30Philcar Projects Limited2014-04-30Philcar Projects Limited2015-04-30Philcar Projects Limited2015-04-30Philcar Projects Limited2016-04-30 2016-06-24
