Accounts filed on 30-06-2016
Accounts filed on 30-06-2016
trueV-SYSTEMS (IT) LIMITED040780162016-06-3022297188712230318877662230318877223031887722277188431057621884328534072730332374783003002221294926342634Basis 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).
Changes in accounting policies
In preparing the financial statements for the current year, the company has adopted the Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
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.
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.
Fixed Assets
All fixed assets are initially recorded at cost.
Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.Equipmentreducing balance0.33003694369436683660836943694366836608Ordinary1000110001000Ordinary16662017-03-29Mr.J.G. Ierstontruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureV-SYSTEMS (IT) LIMITED2015-07-012016-06-30V-SYSTEMS (IT) LIMITED2014-07-012015-06-30V-SYSTEMS (IT) LIMITED2014-06-30V-SYSTEMS (IT) LIMITED2015-06-30V-SYSTEMS (IT) LIMITED2015-06-30V-SYSTEMS (IT) LIMITED2016-06-30 2017-03-31
