Company Registration No. 06292846 (England and Wales)
PHILLIPS COMMERCIALS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2015
PHILLIPS COMMERCIALS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
PHILLIPS COMMERCIALS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 JANUARY 2015
31 January 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Intangible assets
2
98,200
122,750
Tangible assets
2
4,210
3,399
102,410
126,149
Current assets
Stocks
50,819
50,430
Debtors
118,682
122,220
Cash at bank and in hand
217,321
262,929
386,822
435,579
Creditors: amounts falling due within one year
(217,862)
(334,548)
Net current assets
168,960
101,031
Total assets less current liabilities
271,370
227,180
Capital and reserves
Called up share capital
3
2
2
Profit and loss account
271,368
227,178
Shareholders' funds
271,370
227,180
For the financial year ended 31 January 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 20 October 2015
Mr P Phillips
Director
Company Registration No. 06292846
PHILLIPS COMMERCIALS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JANUARY 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
15% reducing balance
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 February 2014
245,500
4,992
250,492
Additions
-
1,554
1,554
At 31 January 2015
245,500
6,546
252,046
Depreciation
At 1 February 2014
122,750
1,594
124,344
Charge for the year
24,550
742
25,292
At 31 January 2015
147,300
2,336
149,636
Net book value
At 31 January 2015
98,200
4,210
102,410
At 31 January 2014
122,750
3,399
126,149
PHILLIPS COMMERCIALS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2015
- 3 -
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
2 Ordinary shares of £1 each
2
2
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