Registered Number NI618696
DERG CASTLE TRADING LTD
Abbreviated Accounts
30 June 2016
Notes | 2016 | 2015 | |
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Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 3 |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company’s financial statements.
Statement of compliance
The financial statements of the company for the year ended 30 June 2016 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006.. There have been no transitional adjustments made.
Basis of preparation
The financial statements have been prepared under the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
Cash flow statement
The company has availed of the exemption in FRS 102 from the requirement to prepare a Cash Flow Statement because it is classified as a small company.
Turnover policy
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
Tangible assets depreciation policy
Tangible fixed assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible fixed assets, less their estimated residual value, over their expected useful lives as follows:
Land and buildings freehold - no depreciation
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
Other accounting policies
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.
3. ADOPTION OF FRS 102
This is the first set of financial statements prepared by Derg Castle Trading Ltd in accordance with accounting standards issued by the Financial Reporting Council, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”). The company transitioned from previously extant Irish and UK GAAP to FRS 102 as at 1 January 2014.
£ | |
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Cost | |
At 1 July 2015 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 30 June 2016 |
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Depreciation | |
At 1 July 2015 |
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Charge for the year |
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On disposals |
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At 30 June 2016 |
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Net book values | |
At 30 June 2016 | 200,000 |
At 30 June 2015 | 200,000 |