J.Phillips & Sons Limited - Accounts to registrar (filleted) - small 17.3

J.Phillips & Sons Limited - Accounts to registrar (filleted) - small 17.3


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REGISTERED NUMBER: 01051614(England and Wales)















Unaudited Financial Statements

for the Year Ended 31 March 2017

for

J.Phillips & Sons Limited

J.Phillips & Sons Limited (Registered number: 01051614)

Contents of the Financial Statements
for the Year Ended 31 March 2017










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4

Chartered Certified Accountants' Report 7

J.Phillips & Sons Limited

Company Information
for the Year Ended 31 March 2017







DIRECTOR: P Norris





REGISTERED OFFICE: Onward Chambers
34 Market Street
Hyde
Cheshire
SK14 1AH





REGISTERED NUMBER: 01051614(England and Wales)





ACCOUNTANTS: Hardy & Company (Hyde) Ltd
Chartered Certified Accountants
Onward Chambers
34 Market Street
Hyde
Cheshire
SK14 1AH

J.Phillips & Sons Limited (Registered number: 01051614)

Abridged Balance Sheet
31 March 2017

31.3.17 31.3.16
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,707 15,064

CURRENT ASSETS
Stocks 3,350 9,950
Debtors 46,706 59,831
Cash at bank and in hand 289 5,446
50,345 75,227
CREDITORS
Amounts falling due within one year 59,448 93,782
NET CURRENT LIABILITIES (9,103 ) (18,555 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,604

(3,491

)

PROVISIONS FOR LIABILITIES 2,141 3,013
NET LIABILITIES (537 ) (6,504 )

CAPITAL AND RESERVES
Called up share capital 2,000 2,000
Retained earnings (2,537 ) (8,504 )
SHAREHOLDERS' FUNDS (537 ) (6,504 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006
and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each
financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395
and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as
applicable to the company.

J.Phillips & Sons Limited (Registered number: 01051614)

Abridged Balance Sheet - continued
31 March 2017


The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 12 December 2017and were signed by:





P Norris- Director


J.Phillips & Sons Limited (Registered number: 01051614)

Notes to the Financial Statements
for the Year Ended 31 March 2017


1. STATUTORY INFORMATION

J.Phillips & Sons Limited is a private company, limited by shares, registered in England and Wales. The company's
registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements were prepared on a going concern basis as the director anticipates that the company will continue
to be profitable in the year ended 31 March 2018 and also with the continued financial support of other group companies.

Significant judgements and estimates
The preparation of the financial statements requires management to make estimates, judgements and assumptions that
affect the amounts reported. These judgements and estimates are continually reviewed and are based on experience and
other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are no significant judgements or estimates.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value
added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and
impairment losses.

Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent
accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income
and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously
recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other
comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves
in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital
and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving
items.

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs
of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

J.Phillips & Sons Limited (Registered number: 01051614)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2017


2. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of
the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing
transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a
similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of
each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss
immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are
assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of
similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a
carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not
previously been recognised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent
that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively
enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet
date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in
which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted
or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be
recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire
purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over
their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the
future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are
charged to profit or loss in the period to which they relate.

J.Phillips & Sons Limited (Registered number: 01051614)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2017


2. ACCOUNTING POLICIES - continued

Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated
where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.
Prior impairments are also reviewed for possible reversal at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable
amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group
of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other
assets or groups of assets.

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable
that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be
estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an
expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date
and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would
be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss
unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present
value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance
costs in profit or loss in the period it arises.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2.

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2016 32,947
Disposals (3,200 )
At 31 March 2017 29,747
DEPRECIATION
At 1 April 2016 17,883
Charge for year 2,595
Eliminated on disposal (1,438 )
At 31 March 2017 19,040
NET BOOK VALUE
At 31 March 2017 10,707
At 31 March 2016 15,064

5. ULTIMATE CONTROLLING PARTY

The controlling party is P Norris.

Chartered Certified Accountants' Report to the Director
on the Unaudited Financial Statements of
J.Phillips & Sons Limited


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited
financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet.
Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the
Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial
statements of J.Phillips & Sons Limited for the year ended 31 March 2017 which comprise the Abridged Income Statement,
Abridged Balance Sheet and the related notes from the company's accounting records and from information and explanations you
have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of J.Phillips & Sons Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of J.Phillips & Sons Limited and state those matters that we have agreed to state to the director of J.Phillips & Sons Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that J.Phillips & Sons Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of J.Phillips & Sons Limited. You consider that J.Phillips & Sons Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of J.Phillips & Sons Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Hardy & Company (Hyde) Ltd
Chartered Certified Accountants
Onward Chambers
34 Market Street
Hyde
Cheshire
SK14 1AH


12 December 2017