Accounts filed on 31-12-2015
Accounts filed on 31-12-2015
trueNorso Medical LimitedNI6137222015-12-31-45038-36142-45036-3614022-45036-36140-45036-36140-54891-477064983454730544434544253482963042812631461791440859710985511566985511566Basis 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.
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.
Fixed Assets
All fixed assets are initially recorded at cost.
Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Plant & MachineryReducing Balance0.2500Fixtures & FittingsReducing Balance0.2500Motor VehiclesReducing Balance0.2500
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1963717229240897825663411919637172292408978256634119ordinary2122ordinary12222016-04-04Mr P WhelanMr K WonnacottDirectortruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureNorso Medical Limited2015-01-012015-12-31Norso Medical Limited2014-01-012014-12-31Norso Medical Limited2013-12-31Norso Medical Limited2014-12-31Norso Medical Limited2014-12-31Norso Medical Limited2015-12-31 2016-06-29
