trueAtlas Salvage Ltd05554895871 3171 332012-11-30515584415156844100010001515684441311449114282651755-18145-125393814532539200002000020000200006097164294585006300024711294Basis 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.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over
the useful economic life of that asset as follows:
Goodwill-over 20 years
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
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 liabilities.Fixtures & FittingsMethod for Fixtures & fittings0.0000Motor VehiclesMethod for Motor vehicles0.0000900009000031500270004500927172712000680059778239927197271200038300329775323Ordinary1000110001000Ordinary11000100010002013-03-13Mr L Saunderstruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureAtlas Salvage Ltd2011-12-012012-11-30Atlas Salvage Ltd2010-12-012011-11-30Atlas Salvage Ltd2010-11-30Atlas Salvage Ltd2011-11-30Atlas Salvage Ltd2011-11-30Atlas Salvage Ltd2012-11-30 2013-08-30