Accounts filed on 31-07-2014

trueGrestec Tiles Limited042752172014-07-31668596710246668696710346100100668696710346386564765358914460348812964961361487172575219294421763686314594338905608358844530219167898111103675962642861123921114219311239211142193Basis 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 period, exclusive of Value Added Tax. Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Hire purchase agreements Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis. Pension costs The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account. Deferred taxation Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted. Fixed Assets All fixed assets are initially recorded at cost. Financial Instruments Financial liabilities and equity instruments are classified and accounted for according to the substance of the contractual arrangements 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 entity after deducting all of its financial liabilities.Land & Buildingsstraight line0.0200Plant & Machineryreducing balance0.2500Fixtures & Fittingsreducing balance0.2500Motor Vehiclesreducing 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. 1348840131730640323-878922491917511353187-33811348840131730640323-8789224919175113-338153187577081603488454969491768Ordinary1000110001000Ordinary1100100100During the period the company made payments on behalf of the directors totalling £142,419 (2013 - £171,099). The directors made payments on behalf of the company totalling £465 (2013 - £nil). Transactions with directors are interest free, unsecured, and repayable on demand.2015-05-01D Eastmantruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureGrestec Tiles Limited2013-09-012014-07-31Grestec Tiles Limited2012-09-012013-08-31Grestec Tiles Limited2012-08-31Grestec Tiles Limited2013-08-31Grestec Tiles Limited2013-08-31Grestec Tiles Limited2014-07-31 2015-05-06