Accounts filed on 31-01-2016
Accounts filed on 31-01-2016
trueBusiness Systems and Consultancy Limited030142702016-01-31100100100100100100100100-2867-2707186711775215804150454982475510822102902967280729672807Basis 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 April 2008).
Turnover
Turnover 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 expected consideration at completion. Where payments are received
from customers in advance of services provided, the amounts are recorded as
Deferred Income and included as part of Creditors due within one year.
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.
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.
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