Accounts filed on 31-12-2015
Accounts filed on 31-12-2015
trueChelsea Cars International Limited041276822015-12-3127995817254328005817264310010028005817264328005817264327791516978523789128930551580645909030407573602236781656002617212361302143285821432858Basis 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).
Changes in accounting policies
In preparing the financial statements for the current year, the company has adopted the Financial Reporting Standard for Smaller Entities (effective January 2015).
The effect of this adoption is that dividends are now shown in the notes to the full accounts rather than in the Profit and Loss Account.
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
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-over 11 years
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
Deferred taxation
Provision is made, under the liability method, to take account of timing differences between the
treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred
or accelerated is accounted for in respect of all material timing differences to the extent that it
is considered that a net liability may arise.
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.
Motor VehiclesReducing balance0.2500EquipmentReducing balance0.2500Leasehold PropertyStraight line0.090012972312972312972312972372142721426999969284715201865201865199722199007715Ordinary1001100100Ordinary11001001002016-02-29Mr M S FiondaMr R N TurnerDirectortruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureChelsea Cars International Limited2015-01-012015-12-31Chelsea Cars International Limited2014-01-012014-12-31Chelsea Cars International Limited2013-12-31Chelsea Cars International Limited2014-12-31Chelsea Cars International Limited2014-12-31Chelsea Cars International Limited2015-12-31 2016-03-09
