Accounts filed on 30-11-2013
Accounts filed on 30-11-2013
trueCornwood Industries Ltd056339412013-11-301092320284110232038410010011023203841102320384-2756559531837357192908141314827127162810416606150119921377914789120001300017791789Basis 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.
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.
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-5% 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.
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 company after deducting all of its liabilities.Plant & MachineryReducing Balance0.2500Motor VehiclesReducing Balance0.2500ComputerReducing Balance0.330020000200008000700010007831724159060525452600278312724159014052124521600Ordinary1000110001000Ordinary11001001002014-07-08MR P Newmantruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureCornwood Industries Ltd2012-12-012013-11-30Cornwood Industries Ltd2011-12-012012-11-30Cornwood Industries Ltd2011-11-30Cornwood Industries Ltd2012-11-30Cornwood Industries Ltd2012-11-30Cornwood Industries Ltd2013-11-30 2014-07-08
