Accounts filed on 31-03-2014
Accounts filed on 31-03-2014
trueGoodfellows Limited069215652014-03-31-858133261421432610001000142143268502932316867114522551135101-23835-62404522496699728414459337893434350425020275049346975050425564934654949Basis 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).
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. Revenue is recognised when food and services have been supplied.
GoodwillDuring the current financial year, the Directors' have reviewed the useful economic life of Goodwill and have revised their estimation of residual value and useful economic life. In their opinion, Goodwill purchased on incorporation has a useful economic life of no more than 5 years and the accounting policy has been amended to amortise Goodwill within 5 years of the purchase date.
Therefore the net book value of Goodwill as at 31 March 2011 will be amortised over 3 years to comply with this revised policy.Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over
the useful economic life of that asset as follows:
Goodwill-Written off over 5 years
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell.
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
All fixed assets are initially recorded at cost.
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.
Fixtures & FittingsReducing balance0.1500Office EquipmentReducing balance0.3333137998137998137998954424255695535925353512-51246189375868746-1432335332305333512-512184187133028-14351302168674452Ordinary1000110001000Ordinary11000100010002014-12-31Mrs M Fellowstruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureGoodfellows Limited2013-04-012014-03-31Goodfellows Limited2012-04-012013-03-31Goodfellows Limited2012-03-31Goodfellows Limited2013-03-31Goodfellows Limited2013-03-31Goodfellows Limited2014-03-31 2014-12-31
