Accounts filed on 29-02-2016
Accounts filed on 29-02-2016
trueTyres Assist Limited084002612016-02-29-92742704-923427444040-92342744017711480-80862921-1311520223229916126191841814862659010510730807812605850298995029899Basis 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
Turnover is recognised when the service is provided or the goods are made available for collection by the
customer.
Depreciation
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.
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
Tangible fixed assets are stated at cost less depreciation.
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.
Plant & MachineryMethod for Plant & equipment0.1500Motor VehiclesMethod for Motor vehicles0.2500685912425617183034314876859124256171830343148711480Ordinary1404040Balance sheet Spare note 1 (user defined)Taxation
Tyres Assist Limited incurred trading losses in the year of £12,155 (2015: £95) thus does not have a corporation tax liability.2016-11-25A P Bridgetruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureTyres Assist Limited2015-03-012016-02-29Tyres Assist Limited2014-03-012015-02-28Tyres Assist Limited2014-02-28Tyres Assist Limited2015-02-28Tyres Assist Limited2015-02-28Tyres Assist Limited2016-02-29 2016-11-29
