Accounts filed on 31-07-2016
Accounts filed on 31-07-2016
trueSeaton Joinery LimitedSC3244582016-07-31623850507868623950507968100100623950507968282802219611052153156632825454792251651319771392122007223643773326993184841965551040894703548512667443811741350220004000436117409502Basis 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.
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-10% Straight Line
Investment properties
Investment properties are shown at their open market value. The surplus or deficit arising from
the annual revaluation is transferred to the investment revaluation reserve unless a deficit, 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.
This is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.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.
Pension costs
The company operates a defined contribution pension scheme for employees. 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.
Land & BuildingsReducing Balance0.0200Plant & MachineryReducing Balance0.1500Fixtures & FittingsReducing Balance0.1500Motor VehiclesReducing Balance0.2500Office EquipmentReducing Balance0.150020000200001800016000200053440148801746384982847851519769The directors believe that the investment property is correctly valued at year-end.
554401508017463841162849451521769
The directors believe that the investment property is correctly valued at year-end.
A Ordinary5000001500000500000B Ordinary5000001500000500000C Ordinary5000001500000500000A Ordinary1363636B Ordinary1343434C Ordinary13030302016-10-21Mr E IronsMr C IronsDirectorMr D MacGregorDirectortruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureSeaton Joinery Limited2015-08-012016-07-31Seaton Joinery Limited2014-08-012015-07-31Seaton Joinery Limited2014-07-31Seaton Joinery Limited2015-07-31Seaton Joinery Limited2015-07-31Seaton Joinery Limited2016-07-31 2016-10-26
