Accounts filed on 30-09-2016
Accounts filed on 30-09-2016
truePixelution Limited025366822016-09-30-91371-74190-90371-7319010001000-90371-73190-90371-73190-90453-7329913168412557741231522788798956532433427138210982109Basis 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).
Going Concern
These accounts have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future.
Although the company has suffered losses in the recent past, the director is confident that his expanding portfolio and services will generate good revenue to enable the company to continue trading for the foreseeable future.
Turnover
The turnover shown in the profit and loss account represents the value of
sales, 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.
Furniture & EquipmentReducing balance0.2500
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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