Harris_Developments_Ltd__31_Mar_2016_abbreviated_set_of_accounts.html
Harris_Developments_Ltd__31_Mar_2016_abbreviated_set_of_accounts.html
Company registration number:
Abbreviated Balance Sheet
| 2016 | 2015 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | |||
| Fixed assets | |||||
| Tangible assets | 2 |
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| Investments | 3 | 10 | 10 | ||
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| Current assets | |||||
| Stocks |
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| Cash at bank and in hand |
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| Creditors: amounts falling due within one year | 4 |
(
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(
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| Net current assets |
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| Total assets less current liabilities |
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| Creditors: amounts falling due after more than one year | 5 |
(
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) |
(
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| Provision for liabilities |
(
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(
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| Net liabilities |
(
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) |
(
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) | |
| Capital and reserves | |||||
| Called up share capital | 6 |
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| Profit and loss account |
(
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(
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| Shareholders deficit |
(
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(
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Directors responsibilities:
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476; The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements were approved by the board of directors and authorised for issue on 15 December 2016 , and are signed on behalf of the board by:
| Director |
Company registration number: 05558024
Notes to the Abbreviated Accounts
Year ended 31 March 2016
1 Accounting policies
Basis of preparation
Turnover
Current tax
Current tax is recognised in the profit and loss account, except to the extent that it is attributable to a gain or loss that has been recognised directly in the statement of total recognised gains or losses. In this case, tax is recognised in this statement. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and accumulated impairment losses.
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 and machinery |
Investments
Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.
The carrying values of investments held as fixed assets are reviewed for impairment in a period if events or changes in circumstances indicate the carrying value may not be recoverable.
Stocks
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the balance sheet date.
Provision for liabilities
Provisions are recognised when it is probable that a present obligation exists, as a result of a past event, and a transfer of economic benefits is required in settlement that can be estimated reliably.
Provisions are recorded at the best estimate of the expenditure required to settle the obligation at the balance sheet date. A review is carried out at each balance sheet date and the amount adjusted to reflect the current best estimate.
Where discounting is used, the unwinding of the discount is recognised as a finance cost in the profit and loss account.
Financial instruments
Financial instruments are classified and accounted for according to the substance of contractual arrangements, as either financial assets, financial liabilities or equity instruments.
Operating leases
Leases are classified as operating leases where substantially all the benefits of ownerships remain with the lessor. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the lease term.
2 Tangible assets
| £ | ||
|---|---|---|
| Cost | ||
| At |
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| At |
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| Depreciation | ||
| At |
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| Charge |
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| At |
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| Net book value | ||
| At |
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| At 31 March 2015 |
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3 Investments
| £ | ||
|---|---|---|
| Cost | ||
| At |
10 | |
| At |
10 | |
| Provision for diminution in value | ||
| At |
- | |
| At |
- | |
| Net book value | ||
| At |
10 | |
| At 31 March 2015 | 10 | |