Accounts filed on 31-12-2015

trueAerotest Limited025404292015-12-311002323944985100332394598510001000100332394598510033239459859234178771193074986010661230915147818535639081961387452565857279906688667990668866Basis 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 company`s turnover represents the value, excluding Value Added Tax, for goods and services supplied to customers during the year. 96.00% (2014 99.27%) of turnover was exported. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided, the amounts are recorded as payments on account and included as part of creditors due within one year. Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated by reference to the value of work performed to date as a proportion of the total contract value. Provision is made for any losses on long term contracts as they are foreseen. Research and development Expenditure on research and development is written off against profits for the year in which it is incurred. 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 pension scheme for the benefit of certain employees. The scheme is a defined contribution scheme and the contributions are charged against profits as they are paid. 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. Stocks and work in progress Stocks and work in progress have been valued at the lower of cost and net realisable value; in respect of work in progress and finished goods cost includes a relevant proportion of overheads according to the stage of manufacturing/completion. Plant & MachineryPer annum of cost0.2500Motor VehiclesPer annum of net0.2500 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. 28987328529144265-3968320996721642526635-3309328987328529144265-39683209967216425-3309326635Ordinary1000110001000Ordinary1100010001000During the year the directors mentioned below had an overdrawn balance with the company as follows: Mr M J Dowling Mrs J Dowling No interest was charged on the loans.2016-09-30Mr M J Dowlingtruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureAerotest Limited2015-01-012015-12-31Aerotest Limited2014-01-012014-12-31Aerotest Limited2013-12-31Aerotest Limited2014-12-31Aerotest Limited2014-12-31Aerotest Limited2015-12-31 2016-09-30