Accounts filed on 31-03-2015
Accounts filed on 31-03-2015
trueAlbacom LimitedSC1217312015-03-312217112995138539229317241672167263053963053985392293172415080715080710047291082531964785101125222868714885611934721160108936714719285250930256468582818435539944712793994471279Basis 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
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Revenue is recognised on dispatch of goods.
Research and development
Research and development expenditure which cannot be recovered from customers is written off in the year in which it is incurred.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.
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.
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.
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.
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.
Plant & Machinery3-10 years straight line0.1000Equipment4-10 years straight line0.1000Leasehold improvementsStraight line0.1000793556791627192975361272034833264793556791627192975361272034833264Ordinary167200.1016721672Preference2010760.75150807150807Preference2010760.75150807150807Ordinary0.1016721672167202015-06-03Mr J Davidsontruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureAlbacom Limited2014-04-012015-03-31Albacom Limited2013-04-012014-03-31Albacom Limited2013-03-31Albacom Limited2014-03-31Albacom Limited2014-03-31Albacom Limited2015-03-31 2015-12-18
