trueSayrank Limited015552662014-03-3161058-4803461060-480322261060-4803283400132249144460842171141766372019118914523530536520895515262211007948344503781043994849830284204973028420497Basis 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.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
Work in progress
Work in progrss is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progrss.
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.
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.Going Concern
The company is now solvent at the year end but has a continuing voluntary arrangement (CVA) which was entered into on 21 December 2011.
As a result of this arrangement and because the company is maintaining the conditions of the CVA, the going concern basis of preparing the accounts in the opinion of the directors is most appropriate.
Plant & MachineryReducing balance0.1500Fixtures & FittingsReducing balance0.1500Motor VehiclesReducing balance0.2500Building ImprovementsReducing balance0.050014644216619723220-429751161581457007678-3722014644216619723220-42975116158145700-372207678Ordinary2122Ordinary12222014-09-01T W Cromptontruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureSayrank Limited2013-04-012014-03-31Sayrank Limited2012-04-012013-03-31Sayrank Limited2012-03-31Sayrank Limited2013-03-31Sayrank Limited2013-03-31Sayrank Limited2014-03-31 2014-12-05