Registered Number R0000336
IRISH ROAD MOTORS LIMITED
Abbreviated Accounts
31 March 2016
Notes | 2016 | 2015 | |
---|---|---|---|
£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
|
|
|
|
||
Current assets | |||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: amounts falling due within one year |
( |
( |
|
Net current assets (liabilities) |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: amounts falling due after more than one year |
|
( |
|
Provisions for liabilities |
( |
( |
|
Total net assets (liabilities) |
|
|
|
Capital and reserves | |||
Called up share capital | 3 |
|
|
Other reserves |
|
|
|
Profit and loss account |
|
|
|
Shareholders' funds |
|
|
Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
This is the first year in which the financial statements have been prepared under FRS 102
Turnover policy
Company and the revenue can be reliably measured. Revenue is measured as the fair value of the
consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
· the Company has transferred the significant risks and rewards of ownership to the buyer;
· the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
· the amount of revenue can be measured reliably;
· it is probable that the Company will receive the consideration due under the transaction;
· the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Tangible assets depreciation policy
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Freehold property - 2% straight line
Plant and machinery - 5% - 12.5% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted
prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'other operating income' in the Statement of comprehensive income.
Other accounting policies
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
£ | |
---|---|
Cost | |
At 1 April 2015 |
|
Additions |
|
Disposals |
|
Revaluations |
|
Transfers |
|
At 31 March 2016 |
|
Depreciation | |
At 1 April 2015 |
|
Charge for the year |
|
On disposals |
|
At 31 March 2016 |
|
Net book values | |
At 31 March 2016 | 668,585 |
At 31 March 2015 | 700,445 |