true
Ready Rags UK Limited
03045181
2016-03-31
-17718
-28781
-12718
-23781
5000
5000
-12718
-23781
38271
62711
25553
38930
-379
27944
81870
87475
81491
115419
44879
44547
36295
70833
317
39
25932
10986
25932
10986
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.
Goodwill
Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its useful economic life. Where a reliable estimate of the useful
life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years. Useful
ecomonic lives are reviewed at the end of each reporting period and revised if necessary, subject to the
constraint that the revised life shall not exceed 20 years from the date of acquisition. The carrying amount
at the date of revision is depreciated over the revised estimate of remaining useful economic life.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over
the useful economic life of that asset as follows:
Goodwill-written off over 10 years
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.
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.
Plant & Machinery
Method for Plant & equipment
0.0000
Motor Vehicles
Method for Motor vehicles
0.0000
Equipment
Method for Equipment
0.0000
33000
33000
33000
33000
73304
75727
25055
-27478
47372
64741
8562
-25931
106304
108727
25055
-27478
80372
97741
-25931
8562
Ordinary
5000
1
5000
5000
Ordinary
1
5000
5000
5000
2016-10-19
Mr M A Wait
true
true
true
true
xbrli:shares
iso4217:GBP
xbrli:pure
Ready Rags UK Limited
2015-04-01
2016-03-31
Ready Rags UK Limited
2014-04-01
2015-03-31
Ready Rags UK Limited
2014-03-31
Ready Rags UK Limited
2015-03-31
Ready Rags UK Limited
2015-03-31
Ready Rags UK Limited
2016-03-31
2016-10-31