Accounts filed on 05-04-2015
Accounts filed on 05-04-2015
trueSurf South West Limited041804962015-04-052557452551192557472551212225574725512130334225605025546329101768131261701216036187801603618780253140253695253140253695Basis 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).
Turnover
The turnover shown in the profit and loss account represents monies received for surfing lessons during the year, exclusive of Value Added Tax.
Depreciation
The director considers that the residual values of freehold land and buildings are equal to or greater than their carrying value. As such, any depreciation charge, whether cumulative or annual, would be immaterial to these accounts. 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 director considers 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.
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.Plant & Machinerywritten down value0.1500Fixtures & Fittingswritten down value0.1500Motor Vehiclesstraight line0.2500Office Equipmentwritten down value0.33002909972905303785736835555A formal debenture exists for the property.
2909972905303785736835555
A formal debenture exists for the property.
Ordinary1000110001000Ordinary12222015-06-05Mr D Burretttruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureSurf South West Limited2014-04-062015-04-05Surf South West Limited2013-04-062014-04-05Surf South West Limited2013-04-05Surf South West Limited2014-04-05Surf South West Limited2014-04-05Surf South West Limited2015-04-05 2015-06-15
