Company Registration No. 06292846 (England and Wales)
PHILLIPS COMMERCIALS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2014
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 2014
31 January 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Intangible assets
2
122,750
147,300
Tangible assets
2
3,399
3,559
126,149
150,859
Current assets
Stocks
50,430
53,087
Debtors
122,220
74,396
Cash at bank and in hand
262,929
252,227
435,579
379,710
Creditors: amounts falling due within one year
(334,548)
(386,385)
Net current assets/(liabilities)
101,031
(6,675)
Total assets less current liabilities
227,180
144,184
Capital and reserves
Called up share capital
3
2
2
Profit and loss account
227,178
144,182
Shareholders' funds
227,180
144,184
For the financial year ended 31 January 2014 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 6 August 2014
Mr P Phillips
Director
Company Registration No. 06292846
PHILLIPS COMMERCIALS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JANUARY 2014
- 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
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 February 2013
245,500
4,553
250,053
Additions
440
440
At 31 January 2014
245,500
4,993
250,493
Depreciation
At 1 February 2013
98,200
994
99,194
Charge for the year
24,550
600
25,150
At 31 January 2014
122,750
1,594
124,344
Net book value
At 31 January 2014
122,750
3,399
126,149
At 31 January 2013
147,300
3,559
150,859
PHILLIPS COMMERCIALS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2014
- 3 -
3
Share capital
2014
2013
£
£
Allotted, called up and fully paid
2 Ordinary shares of £1 each
2
2
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