trueA & D Skips Limited064603592015-03-31-3590-22857-3587-2285433-3587-22854029033-35876179-3587-3357115692200897121051673269179102432292664894039750039750Basis 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).
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Depreciation
Motor vehicles are depreciated over the useful life of the vehicle which is 8 years from the initial registration of the vehicle. Depreciation on used vehicles is calculated based on the age of the vehicle and depreciated over the remaining useful life. Finance lease agreements
Where the company enters into a lease which entails taking substantially all the risks and rewards
of ownership of an asset, the lease is treated as a finance lease. The asset is recorded in the
balance sheet as a tangible fixed asset and is depreciated in accordance with the above
depreciation policies. Future instalments under such leases, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account on a straight line basis, and the capital element which reduces the outstanding obligation for future instalments.
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.
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.Plant & MachineryReducing balance0.1500Motor VehiclesStraight line0.1250EquipmentStraight line0.3333063000-63000023250-23250063000-63000023250-23250Ordinary1000110001000Ordinary1333Included within other debtors is a balance of £0 (2014: £69561) owed to the company by the director, Mr A Penny.
Included within other debtors is a balance of £0 (2014: £26179) owed to the company by the director, Mr D Grady.
Included within other creditors is an amount of £0 (2014: £110432) owed to Mr S Penny.2015-12-10Mr S J Pennytruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureA & D Skips Limited2014-04-012015-03-31A & D Skips Limited2013-04-012014-03-31A & D Skips Limited2013-03-31A & D Skips Limited2014-03-31A & D Skips Limited2014-03-31A & D Skips Limited2015-03-31 2015-12-16