Registered Number NI047833
ACROW FORMWORK (N.I.) LTD
Abbreviated Accounts
29 September 2016
Notes | 2016 | 2015 | |
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Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
Stocks |
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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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Provisions for liabilities |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital |
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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
1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Turnover policy
and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have
transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured
reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably
Tangible assets depreciation policy
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual
value,on a straight line basis over the useful economic life of that asset as follows:
Plant and machinery 20%
Fittings fixtures and equipment 25%
Motor vehicles 25%
If there is an indication that there has been a significant change in depreciation rate, useful
life or residual value of tangible assets, the depreciation is revised prospectively to reflect the
new estimates.
Other accounting policies
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax
losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Trade and other receivables
Trade receivables are carried at original invoiced amount less any provision for potentially uncollectable debts.The provision is made when there is objective evidence suggesting the debt will not be collected and this is written-off to the Income statement.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances held for the purpose of short term cash commitments and investments that are readily convertible to a known amount of cash and are subject to an insignificant amount of risk. Overdrafts are disclosed in Creditors less than one year on the Balance Sheet.
Foreign Currency
Items included in the financial statements are measured using the currency of the primary economic environment in which the company operates ('functional currency'). Transactions in a foreign currency are recorded at the rate on the date of the transaction. Foreign currency assets and liabilities are re-translated at the date of the balance sheet.
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Cost | |
At 30 September 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 29 September 2016 |
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Depreciation | |
At 30 September 2015 |
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Charge for the year |
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On disposals |
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At 29 September 2016 |
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Net book values | |
At 29 September 2016 | 459,257 |
At 29 September 2015 | 51,836 |