STAR FASTLINE LIMITED
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Notes to the Accounts |
for the year ended 31 May 2017
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments.
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2 |
Debtors |
2017 |
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2016 |
£ |
£ |
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Trade debtors |
5,800 |
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- |
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Other debtors |
1,754 |
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- |
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7,554 |
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- |
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3 |
Creditors: amounts falling due within one year |
2017 |
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2016 |
£ |
£ |
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Trade creditors |
13,992 |
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- |
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Other creditors |
742 |
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- |
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14,734 |
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- |
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4 |
Other information |
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STAR FASTLINE LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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48 Moray Avenue |
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Hayes |
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Middlesex |
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UB3 2AX |