Abbreviated Company Accounts - HARKNESS SCREENS (UK) LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The individual financial statements of Harkness Screens (UK) Limited have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" (FRS 102)and the Companies Act 2006.

Turnover policy
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
• the Company has transferred the significant risks and rewards of ownership to the buyer;
• the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the transaction; and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.
The principal activity of the company is the manufacture and sale of projection screens for the entertainment industry. Sales of goods are recognised on delivery to the customer. Delivery occurs when the goods have been shipped to the location specified by the customer, the risks of obsolescence or loss have been transferred to the customer, the customer has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed or the company has objective evidence that all criteria for acceptance have been satisfied.
Goods sold are sometimes sold with volume rebates. Sales are measured at the prices specified in the sale contract, net of estimated volume rebates and returns. Volume rebates are assessed based on anticipated annual purchases and historical experience, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.
Sales are normally made with a credit term of 30 days

Tangible assets depreciation policy
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
Plant and machinery - 8 years (12.5%) Fixtures and fittings - 2-8 years (50%, 25%, 33.3% and 12.5%)
The assets residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

3Fixed assets Investments
The company holds 100% of the ordinary shares of Harkness Screens (USA) Limited, a company incorporated in the United Kingdom. The principal activity of the company is the manufacture and sale of projection screens.
The company owns 90% of the ordinary shares of SCI Du Clos dArquemont, a company incorporated in France. The principal activity of the company is the holding of French property.
The company owns 0.01% of the ordinary shares of Harkness Screens India LLP, a limited liability partnership incorporated in India. The principal activity of the limited liability partnership is the manufacture and sale of projection screens.

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital