Registered Number 03463671
BEST IRONWORK LIMITED
Abbreviated Accounts
30 November 2015
Notes | 2015 | 2014 | |
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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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Prepayments and accrued income |
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Creditors: amounts falling due within one year |
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( |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Accruals and deferred income |
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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
Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
In respect of long term contracts and contracts for ongoing 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 ongoing services is recognized by reference to the stage of completion.
Tangible assets depreciation policy
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:
Equipment - 15% per annum of the written down value
Motor vehicle - 25% per annum of the written down value
Other accounting policies
Leasing and hire purchase
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives.
The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.
Rentals paid under operating leases are charged to income on a straight line basis over the lease terms.
£ | |
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Cost | |
At 1 December 2014 |
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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 30 November 2015 |
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Depreciation | |
At 1 December 2014 |
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Charge for the year |
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On disposals |
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At 30 November 2015 |
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Net book values | |
At 30 November 2015 | 4,637 |
At 30 November 2014 | 3,030 |