Accounts filed on 31-01-2016
Accounts filed on 31-01-2016
trueIT Maintenance & Support Ireland LTD.NI6165172016-01-314005711841057218100100410572188731161311283623349-20003-1807111976511239099762943198917667640100001000058616679328394142010797120312204229389Basis 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 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.
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 10 Years
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
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.
Finance lease agreements
Where the company enters into a lease which entails taking substantially all the risks and rewards
of ownership of an asset, the lease is treated as a finance lease. The asset is recorded in the
balance sheet as a tangible fixed asset and is depreciated in accordance with the above
depreciation policies. Future instalments under such leases, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account on a straight line basis, and the capital element which reduces the outstanding obligation for future instalments.
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 Balance0.2500Motor VehiclesReducing Balance0.2500EquipmentReducing Balance0.2500123401234015433091234313493134993071960734743689436891085022698581Ordinary10011001Ordinary11001001002016-08-09Mr. W Kennedytruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureIT Maintenance & Support Ireland LTD.2015-02-012016-01-31IT Maintenance & Support Ireland LTD.2014-02-012015-01-31IT Maintenance & Support Ireland LTD.2014-01-31IT Maintenance & Support Ireland LTD.2015-01-31IT Maintenance & Support Ireland LTD.2015-01-31IT Maintenance & Support Ireland LTD.2016-01-31 2016-10-17
