Accounts filed on 31-08-2015
Accounts filed on 31-08-2015
trueTrackside Motor Shows Limited091831682015-08-31-113055311986261031664009911986211986211986212725724711917881868301Basis of accounting
The accounts have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
A summary of the principal accounting policies, all of which have been applied consistently throughout the year and the preceding year, are set out below. As explained in the Directors report, the Directors do not consider the company to be a going concern, and have therefore prepared the accounts on a break up basis.
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the period, exclusive of Value Added Tax.
GoodwillGoodwill arising on acquisition is capitalised, classed as an asset on the Balance Sheet and amortised over its useful economic life. Where a reliable estimate of useful life of goodwill cannot be made, the goodwill is written off in the year it was purchased.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.
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.
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