Registered Number 03349195
INDUSTRIAL VENTILATION PRODUCTS LIMITED
Abbreviated Accounts
31 March 2013
Notes | 2013 | 2012 | |
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£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Provisions for liabilities |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 3 |
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Other reserves |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
And signed on their behalf by:
1Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.
Tangible assets depreciation policy
Plant and machinery - 25% on reducing balance
Computer equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Other accounting policies
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Stock and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value.
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
Transactions with directors
Mr & Mrs L F Arnison maintain a current account with the company. As at 31 March 2013 the balance outstanding was £64,467 cr (2012 - £80,307).
The company rents equipment from Mr and Mrs L F Arnison, director and company secretary, and during the period ended 31 March 2013 has made payments totalling £6,300 (2012 - £6,300) to Mr Arnison in respect of such equipment.
£ | |
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Cost | |
At 1 April 2012 |
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Additions |
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Disposals |
( |
Revaluations |
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Transfers |
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At 31 March 2013 |
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Depreciation | |
At 1 April 2012 |
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Charge for the year |
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On disposals |
( |
At 31 March 2013 |
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Net book values | |
At 31 March 2013 | 8,667 |
At 31 March 2012 | 24,320 |