Accounts filed on 30-06-2016
Accounts filed on 30-06-2016
trueNORWEST ENGINEERING LIMITED040075602016-06-30254961222817612549613228176211254961322817628156572970263117823547322062282180868532826830272623905502111411218922249020229802482121486481837570568896546047568896546047Basis 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 January 2015).
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Fixed Assets
All fixed assets are initially recorded at cost.
Depreciation
No depreciation has been provided for on the land as it is kept in a sound state of repair and in the opinion of the director the residual value is so high and the useful economic life is so long that the depreciation charge would be immaterial. The director carries out an annual impairment review of the land.
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.
Pension costs
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
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.
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 balance0.1500Motor Vehiclesreducing balance0.2500Equipmentreducing balance0.1500174496716388661061011176071109281983252174496716388661061011176071109281983252Ordinary shares1111Ordinary shares11112017-01-27Mr N McKenzietruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureNORWEST ENGINEERING LIMITED2015-07-012016-06-30NORWEST ENGINEERING LIMITED2014-07-012015-06-30NORWEST ENGINEERING LIMITED2014-06-30NORWEST ENGINEERING LIMITED2015-06-30NORWEST ENGINEERING LIMITED2015-06-30NORWEST ENGINEERING LIMITED2016-06-30 2017-03-20
