Company Registration No. 06292846 (England and Wales)
PHILLIPS COMMERCIALS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2016
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 2016
31 January 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
73,650
98,200
Tangible assets
2
4,887
4,210
78,537
102,410
Current assets
Stocks
49,678
50,819
Debtors
68,909
118,682
Cash at bank and in hand
235,532
217,321
354,119
386,822
Creditors: amounts falling due within one year
(109,251)
(217,862)
Net current assets
244,868
168,960
Total assets less current liabilities
323,405
271,370
Capital and reserves
Called up share capital
3
2
2
Profit and loss account
323,403
271,368
Shareholders' funds
323,405
271,370
For the financial year ended 31 January 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 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 1 April 2016
Mr P Phillips
Director
Company Registration No. 06292846
PHILLIPS COMMERCIALS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JANUARY 2016
- 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 January 2015).
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 2015
245,500
6,546
252,046
Additions
-
1,539
1,539
At 31 January 2016
245,500
8,085
253,585
Depreciation
At 1 February 2015
147,300
2,336
149,636
Charge for the year
24,550
862
25,412
At 31 January 2016
171,850
3,198
175,048
Net book value
At 31 January 2016
73,650
4,887
78,537
At 31 January 2015
98,200
4,210
102,410
PHILLIPS COMMERCIALS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2016
- 3 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
2 Ordinary shares of £1 each
2
2
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