Accounts filed on 31-03-2016
Accounts filed on 31-03-2016
trueConversion Factory Limited061768142016-03-3166291246546466291346546511662913465465662913465465601015415458253445141799854460557257483256219545048664371204289048618985000721879281294001921878Basis 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
The turnover shown in the profit and loss account represents amounts receivable for goods and services provided during the year in the normal course of business, net of trade discounts, VAT and other sales and related taxes.
Research and development
Research and development expenditure is written off in the year in which it is incurred.
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:
20% on a straight line basis
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.
Pension costs
The company operates a defined contribution pension scheme. Contributions payable to comapny's pension scheme are charged to the profit and loss account in the period to which they relate.
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.
Fixtures & FittingsReducing balance0.2500EquipmentReducing 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.
3125431254937531256250621193674427275-190022100148667760-526933736799827275-19003147517991-52614010Ordinary1000000.0000111Ordinary0.00001111000002016-07-29S M Pavlovichtruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureConversion Factory Limited2015-04-012016-03-31Conversion Factory Limited2014-04-012015-03-31Conversion Factory Limited2014-03-31Conversion Factory Limited2015-03-31Conversion Factory Limited2015-03-31Conversion Factory Limited2016-03-31 2016-08-04
