Accounts filed on 30-06-2016
Accounts filed on 30-06-2016
trueAskham Motors Limited058385962016-06-30-10269-5091988973184908190000090000088973184908143904525894121853606-101998-1431883266063264942246081833066642489720002000215966176409996119996794996119996794Basis 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 amounts invoiced during the year, exclusive of Value Added Tax.
Investment properties
Freehold investment properties are carried at open market value based on the current tenancies and
are reviewed annually for impairment by the Directors. No depreciation is provided on Investment
properties in accordance with Statement of Standard Accounting Practice 19.
This is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.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:
Deferred tax assets are recognised only to the extent that the directors consider 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 a discounted 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.
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 & Machineryreducing balance0.2000Fixtures & Fittingsreducing balance0.2000101417110141711805217377675101417110141711805217377675Ordinary2000000120000002000000Ordinary19000009000009000002016-09-21Mrs A M BanksMr B D HodgsonDirectortruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureAskham Motors Limited2015-07-012016-06-30Askham Motors Limited2014-07-012015-06-30Askham Motors Limited2014-06-30Askham Motors Limited2015-06-30Askham Motors Limited2015-06-30Askham Motors Limited2016-06-30 2016-10-06
