Abbreviated Company Accounts - O'HARA PLANT LIMITED

Abbreviated Company Accounts - O'HARA PLANT LIMITED


Registered Number 03524305

O'HARA PLANT LIMITED

Abbreviated Accounts

30 November 2014

O'HARA PLANT LIMITED Registered Number 03524305

Abbreviated Balance Sheet as at 30 November 2014

Notes 2014 2013
£ £
Fixed assets
Tangible assets 2 1,345,019 1,189,940
1,345,019 1,189,940
Current assets
Debtors 675,680 643,928
Cash at bank and in hand 77,992 190,647
753,672 834,575
Creditors: amounts falling due within one year (233,082) (239,287)
Net current assets (liabilities) 520,590 595,288
Total assets less current liabilities 1,865,609 1,785,228
Creditors: amounts falling due after more than one year (82,644) (115,224)
Provisions for liabilities (74,004) (39,031)
Total net assets (liabilities) 1,708,961 1,630,973
Capital and reserves
Called up share capital 3 1,000 1,000
Revaluation reserve 569,649 569,649
Profit and loss account 1,138,312 1,060,324
Shareholders' funds 1,708,961 1,630,973
  • For the year ending 30 November 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 29 July 2015

And signed on their behalf by:
J. P. O'HARA, Director

O'HARA PLANT LIMITED Registered Number 03524305

Notes to the Abbreviated Accounts for the period ended 30 November 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Tangible assets depreciation policy
All fixed assets are initially recorded at cost.

Other accounting policies
Depreciation

Depreciation 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:

Plant & Machinery - 25% Reducing Balance Basis
Motor Vehicles - 25% Reducing Balance Basis

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.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where the 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 charges 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 difference 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 the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet.

2Tangible fixed assets
£
Cost
At 1 December 2013 1,482,800
Additions 252,290
Disposals (68,500)
Revaluations -
Transfers -
At 30 November 2014 1,666,590
Depreciation
At 1 December 2013 292,860
Charge for the year 80,955
On disposals (52,244)
At 30 November 2014 321,571
Net book values
At 30 November 2014 1,345,019
At 30 November 2013 1,189,940
3Called Up Share Capital
Allotted, called up and fully paid:
2014
£
2013
£
1,000Ordinary shares of £1 each 1,000 1,000