Accounts filed on 31-07-2016
Accounts filed on 31-07-2016
trueGrestec Tiles Limited042752172016-07-31526378765842526478765942100100526478765942407423482246400356231410312231363078230441282735590574890969821015117370435026869948016619118388830455629033680078210803438007821080343Basis 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.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
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.
Deferred taxation
Deferred tax is provided in full in respect of taxation deferred by timing differences between the
treatment of certain items for taxation and accounting purposes. The deferred tax balance has not
been discounted.
Fixed Assets
All fixed assets are initially recorded at cost.
Financial Instruments
Financial liabilities and equity instruments are classified and accounted for according to the substance of the contractual arrangements 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 entity after deducting all of its financial liabilities.
Land & Buildingsstraight line0.0200Plant & Machineryreducing balance0.2500Fixtures & Fittingsreducing balance0.2500Motor Vehiclesreducing balance0.2500Leasehold PropertyMethod for Leasehold property0.0000
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.
10545701346149145139-43671825378826580656681-6869910545701346149145139-436718253788265806-6869956681439722547611327656422586Ordinary1000110001000Ordinary1100100100During the year the company made payments on behalf of the directors totalling £988 (2015 - £643,075). The directors made payments on behalf of the company totalling £464,416 (2015 - £395,216). Transactions with directors are interest free, unsecured, and repayable on demand.2017-01-31D Eastmantruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureGrestec Tiles Limited2015-08-012016-07-31Grestec Tiles Limited2014-08-012015-07-31Grestec Tiles Limited2014-07-31Grestec Tiles Limited2015-07-31Grestec Tiles Limited2015-07-31Grestec Tiles Limited2016-07-31 2017-02-03
