Accounts filed on 29-02-2016
Accounts filed on 29-02-2016
trueWhitecroft Essentials (Lydney) Limited088439412016-02-29184781-6947185781-594710001000185781-5947185781-594753322648037853831663387810715421114256442612522399562062586665668685192-347445-486325-412500-5500006505563675Basis 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 period.
GoodwillNegative goodwill arising on a gain from a bargain purchase on acquisition is capitalised, classified as an intangible on the Balance Sheet and released to the profit and loss over its useful economic life. The useful economic life has been estimated not to exceed 5 years. This is reviewed at the end of each reporting period and revised if necessary, subject to the constraint of not exceeding 20 years from the date of acquisition.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-straight line over 5 years
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.
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