Registered Number 04207984
HARRISON LIGHTNING PROTECTION & EARTHING LIMITED
Abbreviated Accounts
30 April 2012
Notes | 2012 | 2011 | |
---|---|---|---|
£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
|
|
|
|||
Current assets | |||
Stocks |
|
|
|
Debtors |
|
|
|
|
|
||
Creditors: amounts falling due within one year | 3 |
( |
( |
Net current assets (liabilities) |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: amounts falling due after more than one year | 3 |
|
( |
Total net assets (liabilities) |
|
|
|
Capital and reserves | |||
Called up share capital | 4 |
|
|
Profit and loss account |
|
|
|
Shareholders' funds |
|
|
Approved by the Board on
And signed on their behalf by:
1Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Tangible assets depreciation policy
Plant & Machinery - 20% straight line
Motor Vehicles - 33% straight line
Office Equipment - 20%/25% straight line
The carrying values of tangible fixed assets are reviewed for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
Other accounting policies
All fixed assets are initially recorded at cost.
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.
Pension costs
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
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.
£ | |
---|---|
Cost | |
At 1 May 2011 |
|
Additions |
|
Disposals |
( |
Revaluations |
|
Transfers |
|
At 30 April 2012 |
|
Depreciation | |
At 1 May 2011 |
|
Charge for the year |
|
On disposals |
( |
At 30 April 2012 |
|
Net book values | |
At 30 April 2012 | 2,517 |
At 30 April 2011 | 9,699 |
2012
£ |
2011
£ |
|
---|---|---|
Secured Debts |
|
|
5Transactions with directors
Name of director receiving advance or credit: | ||
---|---|---|
Description of the transaction: | ||
Balance at 1 May 2011: | £ |
|
Advances or credits made: | £ |
|
Advances or credits repaid: | £ |
|
Balance at 30 April 2012: | £ |
All sums are interest free and repayable on demand.