Abbreviated Company Accounts - N C HARVEY LTD

Abbreviated Company Accounts - N C HARVEY LTD

Registered Number 08163958


Abbreviated Accounts

31 August 2016

N C HARVEY LTD Registered Number 08163958

Abbreviated Balance Sheet as at 31 August 2016

Notes 2016 2015
£ £
Fixed assets
Intangible assets 2 24,000 25,500
Tangible assets 3 43,740 43,156
67,740 68,656
Current assets
Stocks 973 985
Debtors 21,014 18,816
Cash at bank and in hand 25,956 8,655
47,943 28,456
Creditors: amounts falling due within one year (52,004) (45,275)
Net current assets (liabilities) (4,061) (16,819)
Total assets less current liabilities 63,679 51,837
Creditors: amounts falling due after more than one year - (2,892)
Total net assets (liabilities) 63,679 48,945
Capital and reserves
Called up share capital 1 1
Profit and loss account 63,678 48,944
Shareholders' funds 63,679 48,945
  • For the year ending 31 August 2016 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 12 April 2017

And signed on their behalf by:

N C HARVEY LTD Registered Number 08163958

Notes to the Abbreviated Accounts for the period ended 31 August 2016

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
Turnover comprises the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation.

Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant and machinery - 20% reducing balance basis
Motor vehicles - 20% reducing balance basis

Intangible assets amortisation policy
Goodwill is he difference between the amount paid on the acquisition of a business and the aggregate fair value of its separable net assets. It is being written off in equal annual instalments over its estimated economic life.

Valuation information and policy
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Other accounting policies
Deferred taxation:
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, 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 taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets and depreciated over the shorter of the lease term and their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charted to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2Intangible fixed assets
At 1 September 2015 30,000
Additions -
Disposals -
Revaluations -
Transfers -
At 31 August 2016 30,000
At 1 September 2015 4,500
Charge for the year 1,500
On disposals -
At 31 August 2016 6,000
Net book values
At 31 August 2016 24,000
At 31 August 2015 25,500
3Tangible fixed assets
At 1 September 2015 67,694
Additions 11,518
Disposals -
Revaluations -
Transfers -
At 31 August 2016 79,212
At 1 September 2015 24,538
Charge for the year 10,934
On disposals -
At 31 August 2016 35,472
Net book values
At 31 August 2016 43,740
At 31 August 2015 43,156