Accounts filed on 31-03-2014
Accounts filed on 31-03-2014
trueYour Print Specialists Ltd068305822014-03-3116252820816352830810010016352830820117292543646937562-37842232529953626915129575229147623155719530063695715485002462840253152374025315237Basis 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 April 2008).
The director Mr G Brown agrees that the initial funding provided by him will not be withdrawn in the foreseeable future and the first year trading performance is sustainable in the short to medium term. It is on this basis that he considers it appropriate to prepare the financial statements on the going concern basis.
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Turnover is recognised when goods and services are physically delivered to the customer.
Delivered goods / services not invoiced at the year end are included in accrued income. Invoiced goods and services are included in debtors. Where customers pay in advance for goods and services, the amount is recorded as deferred income until the goods and services have been delivered.
Stock of goods is valued at the lower of cost and net realisable value.
Cost represents the purchase price of goods. Net realisable value represents the selling price of completed goods less any costs necessary to complete the goods. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost
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.
All fixed assets are initially recorded at the lower of cost and net realisable value, less accumulated depreciation and less amounts recognised in respect of impairment.
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.
Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability.
The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument.
The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.
Plant & MachineryMethod for Plant & equipment0.0000Motor VehiclesMethod for Motor vehicles0.0000EquipmentMethod for Equipment0.0000742003673437466339472149712450742003673437466339472149712450Ordinary1001100100Ordinary11001001002014-10-31Mr G Browntruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureYour Print Specialists Ltd2013-04-012014-03-31Your Print Specialists Ltd2012-04-012013-03-31Your Print Specialists Ltd2012-03-31Your Print Specialists Ltd2013-03-31Your Print Specialists Ltd2013-03-31Your Print Specialists Ltd2014-03-312014-10-31