true
TRANS WORLD FILTRATION LIMITED
03491872
2016-01-31
570131
591527
1090778
1012174
100
100
520547
420547
1090778
1012174
1090778
1012174
289053
310324
100439
137193
389492
447517
50082
68958
339410
378559
801725
701850
801725
701850
Basis 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 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.
Investment properties
Investment properties are shown at their open market value. The surplus or deficit arising from
the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or
its reversal, on an individual investment property is expected to be permanent, in which case it
is recognised in the profit and loss account for the year.
This is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.
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.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
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.
Equipment and Fixtures
Reducing Balance
0.2500
824195
723746
449
100000
22470
21896
574
The directors carried out a valuation of the investment properties as at 31 January 2016.
On a historical cost basis this would have been included at an original cost of £279,453 (2014:£279,453).
824195
723746
449
100000
22470
21896
574
The directors carried out a valuation of the investment properties as at 31 January 2016.
On a historical cost basis this would have been included at an original cost of £279,453 (2014:£279,453).
Ordinary
100
1
100
100
Ordinary
1
100
100
100
2016-05-25
MRS P BRIGHT
true
true
true
true
xbrli:shares
iso4217:GBP
xbrli:pure
TRANS WORLD FILTRATION LIMITED
2015-02-01
2016-01-31
TRANS WORLD FILTRATION LIMITED
2014-02-01
2015-01-31
TRANS WORLD FILTRATION LIMITED
2014-01-31
TRANS WORLD FILTRATION LIMITED
2015-01-31
TRANS WORLD FILTRATION LIMITED
2015-01-31
TRANS WORLD FILTRATION LIMITED
2016-01-31
2016-06-29