Accounts filed on 31-01-2014
Accounts filed on 31-01-2014
trueSparks Yard General Stores Limited047703892014-01-31-256972737431172731000010000743117273508157927072080919832321039845224468216111046115504163290183720491653091529031712705471714130988357683098835768Basis 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 earned during the year (exclusive of Value Added Tax) having regard to the fulfilment of contractual obligations.
Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
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.
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 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 less any permanent diminution in value.
Fixtures & FittingsReducing balance0.1500Motor VehiclesReducing balance0.2500Land & BuildingsStraight line0.1000
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.
98124969591165671366119159459812496959116567136611915945Ordinary1000011000010000Ordinary1100001000010000Balance sheet Spare note 11 (user defined)CREDITORS: Amounts falling due after more than one year
The directors, Mr A & Mrs H Heggadon have made a loan to the company of £65100 (2013: £65100) which is repayable in more than 5 years.2014-03-20Mr A G Heggadontruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureSparks Yard General Stores Limited2013-02-012014-01-31Sparks Yard General Stores Limited2012-02-012013-01-31Sparks Yard General Stores Limited2012-01-31Sparks Yard General Stores Limited2013-01-31Sparks Yard General Stores Limited2013-01-31Sparks Yard General Stores Limited2014-01-31 2014-09-08
