| Comeval Limited |
| Notes to the Accounts |
| for the year ended 31 July 2017 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Freehold buildings |
over 50 years |
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Leasehold land and buildings |
over the lease term |
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Plant and machinery |
over 5 years |
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Fixtures, fittings, tools and equipment |
over 5 years |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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| 2 |
Tangible fixed assets |
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Plant and machinery etc |
| £ |
|
Cost |
|
At 1 August 2016 |
22,952 |
|
At 31 July 2017 |
22,952 |
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Depreciation |
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At 1 August 2016 |
19,754 |
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At 31 July 2017 |
19,754 |
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Net book value |
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At 31 July 2017 |
3,198 |
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At 31 July 2016 |
3,198 |
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| 3 |
Investments |
|
| Other |
| investments |
| £ |
|
Cost |
|
At 1 August 2016 |
750 |
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At 31 July 2017 |
750 |
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| 4 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
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Other debtors |
32,360 |
|
19,497 |
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| 5 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
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Trade creditors |
511 |
|
1,273 |
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Corporation tax |
1,775 |
|
1,000 |
|
Other taxes and social security costs |
681 |
|
137 |
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Other creditors |
14,515 |
|
7,681 |
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|
17,482 |
|
10,091 |
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| 6 |
Other information |
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Comeval Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Holly House |
|
220 New London Road |
|
Chelmsford |
|
CM2 9AE |
