Accounts filed on 31-03-2016
Accounts filed on 31-03-2016
trueDarville and Son Limited001296122016-03-3116062551573007901656889833201500015000739531373953139016568898332011181361029180101347041001250040493528638749761553067590255081706277598567510747998311497856711080697297699726113900101397288699725100Accounting convention
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets, 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, net of Value Added Tax and discounts, in respect of goods and services provided to customers.
Depreciation
Depreciation is not provided on investment properties, which is in accordance to the Financial Reporting Standard for Smaller Entities (effective January 2008) but is a departure from the general requirements of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view.
Investment properties
The company's properties are held for long-term investment. Investment properties are accounted for in accordance with SSAP 19, as follows:
(i) No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year; and
(ii) No depreciation is provided in respect of leasehold properties where the lease has over 20 years to run.
This treatment as regards the company's investment properties, may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.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. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
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.
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and subsidiary undertaking comprise of small-sized group. The company has therefore taken advantage of the exemptions provided by section 398 of the Companies Act 2006 not to prepare group accounts.
Fixtures & FittingsMethod for Fixtures & fittings0.0000Motor VehiclesMethod for Motor vehicles0.0000
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.
56305630473046171139728869972510037699734499973073037694730461711311181361029180Bank loans are secured by fixed charges on investment properties.
Ordinary1500011500015000Ordinary11500015000150002016-10-20Mr P E M Darvilletruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureDarville and Son Limited2015-04-012016-03-31Darville and Son Limited2014-04-012015-03-31Darville and Son Limited2014-03-31Darville and Son Limited2015-03-31Darville and Son Limited2015-03-31Darville and Son Limited2016-03-31 2016-10-25
