Accounts filed on 30-06-2016
Accounts filed on 30-06-2016
trueFadeable Limited011131412016-06-30576833267275994873493760607021757021753030759948734937759948734937-1715-20457191108160190189393139733275027503321436975153429100008761663755394761663755394Basis of accounting
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
The turnover shown in the profit and loss account is the revenue from the performance of the exchange of transactions from the supply of goods during the year, exclusive of value added tax.
Depreciation
Freehold property - not depreciated.
Freehold property
No depreciation is provided on the freehold property in accordance with Statement of Standard Accounting Practice No 19. This constitutes a departure from the Companies Act 1985, and as such the profit for the year is stated higher than it would have been if the full requirements of the Companies Act had been followed. The reasoning behind not providing for any depreciation in the year is that the property is subject to an annual valuation by the company's directors in accordance with UK GAAP.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
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:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments)
of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement
assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose
of the assets concerned. However, no provision is made where, on the basis of all available
evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled
over into replacement assets and charged to tax only where the replacement assets are sold.
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 an undiscounted 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 instruments are classified and accounted for, according to the substance of the contractual arrangement, 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 company after deducting all of its financial liabilities.
Plant & Machineryreducing balance0.2000Motor Vehiclesreducing balance0.2500786641777081956024978216873291786641777081956024978216873291Ordinary1001100100Ordinary1606060Controlling interest and related party transactions
The company is under the control of the directors.
During the year wages of £28,857 (2015 £26,352) were paid to the director's son and his wife.2017-03-30J M Hullahtruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureFadeable Limited2015-07-012016-06-30Fadeable Limited2014-07-012015-06-30Fadeable Limited2014-06-30Fadeable Limited2015-06-30Fadeable Limited2015-06-30Fadeable Limited2016-06-30 2017-03-30