Accounts filed on 31-03-2014
Accounts filed on 31-03-2014
truePower Textiles LimitedSC3169612014-03-31-28478-28602-28378-28502100100-28378-28502-28378-28502-28378-2850229876298761498137425025012481124Basis 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).
At 31 March 2014, the company had net liabilities of £28,378 (2013: £28,502). The company is reliant on the support of the directors. It is the intention of the directors to support the company and therefore these accounts have been prepared on a going concern basis. The balance due to the directors at 31 March 2014 was £29,511 (2013: £24,511).
Turnover
The turnover shown in the profit and loss account represents amounts receivable for goods and services during the year.
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.
Ordinary1000110001000Ordinary1100100100Creditors includes loans due to the directors as follows:
Robert R Mather £12,256 (2013: £12,256)
John I B Wilson £12,256 (2013: £12,255)
Stefan G Kay £5,000 (2013: £5,000)
The loans due to the directors are interest free and repayable on demand.2014-10-27Robert R Mathertruetruetruetruexbrli:sharesiso4217:GBPxbrli:purePower Textiles Limited2013-04-012014-03-31Power Textiles Limited2012-04-012013-03-31Power Textiles Limited2012-03-31Power Textiles Limited2013-03-31Power Textiles Limited2013-03-31Power Textiles Limited2014-03-31 2014-10-27
