Accounts filed on 31-12-2014
Accounts filed on 31-12-2014
trueDavid Allen IT Limited073363432014-12-314051254620405325462000020000204053254652233815146065113231716934768419580-1043919636817892411594874533855567087327198272031949401521131520751260001330002611319075Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
GoodwillPositive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its useful economic life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years. Useful economic lives are reviewed at the end of each reporting period and revised if necessary, subject to the constraint that the revised life shall not exceed 20 years from the date of acquisition. The carrying amount at the date of revision is amortised over the revised estimate of remaining useful economic life.Amortisation
Amortisation 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:
Goodwill-20 years straight line
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
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 at a constant rate of charge on the balance of capital repayments outstanding.
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.
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.
Fixed Assets
All fixed assets are initially recorded at cost.
Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its liabilities.Motor Vehiclesreducing balance0.2500Office Equipmentstraight line0.25001400001400001400070007000342601928814972814721379341742601592881497222147721314934606511323Ordinary shares1260011260016400A Ordinary shares2001200200B Ordinary shares2001200200C Ordinary shares300013000200D Ordinary shares3000130003000E Ordinary shares1000110000Ordinary shares1126001640012600A Ordinary shares1200200200B Ordinary shares1200200200C Ordinary shares130002003000D Ordinary shares1300030003000E Ordinary shares110001000During the year 3,800 ordinary shares were transferred into 2,800 D ordinary shares and 1,000 E Ordinary shares. 2015-02-25MR S D ALLENtruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureDavid Allen IT Limited2014-01-012014-12-31David Allen IT Limited2013-01-012013-12-31David Allen IT Limited2012-12-31David Allen IT Limited2013-12-31David Allen IT Limited2013-12-31David Allen IT Limited2014-12-31 2015-08-26
