true
FROSTECHNIC LIMITED
02880840
2016-07-31
41377
41033
41379
41035
2
2
41379
41035
3036
4109
15811
31798
60226
76942
42392
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17834
23779
Basis 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 January 2015).
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
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.
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.
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.
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
Fixed Assets are shown at cost less accumulated depreciation.
Land & Buildings
reducing balance basis
0.2500
Plant & Machinery
reducing balance basis
0.2500
Fixtures & Fittings
reducing balance basis
0.2500
Motor Vehicles
reducing balance basis
0.2500
136143
136143
118309
112364
5945
136143
136143
118309
112364
5945
The bank loans are secured by personal guarantees given by the directors.
Ordinary
2000
1
2000
2000
Ordinary
1
2
2
2
2016-10-31
Mr P C Neal
true
true
true
true
xbrli:shares
iso4217:GBP
xbrli:pure
FROSTECHNIC LIMITED
2015-08-01
2016-07-31
FROSTECHNIC LIMITED
2014-08-01
2015-07-31
FROSTECHNIC LIMITED
2014-07-31
FROSTECHNIC LIMITED
2015-07-31
FROSTECHNIC LIMITED
2015-07-31
FROSTECHNIC LIMITED
2016-07-31
2016-10-31