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Company Registration No. 00269649 (England and Wales)
PHILPOT BROTHERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2018
PAGES FOR FILING WITH REGISTRAR
PHILPOT BROTHERS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
PHILPOT BROTHERS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2018
30 April 2018
- 1 -
2018
2017
as restated
Notes
£
£
£
£
Current assets
Stocks
797,726
797,726
Debtors
3
132,782
132,773
Cash at bank and in hand
354,446
354,782
1,284,954
1,285,281
Creditors: amounts falling due within one year
4
(78,365)
(73,498)
Net current assets
1,206,589
1,211,783
Capital and reserves
Called up share capital
5
263,403
263,403
Share premium account
619,933
619,933
Profit and loss reserves
323,253
328,447
Total equity
1,206,589
1,211,783

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 30 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved by the board of directors and authorised for issue on 28 January 2019 and are signed on its behalf by:
A J Philpot
Director
Company Registration No. 00269649
PHILPOT BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2018
- 2 -
1
Accounting policies
Company information

Philpot Brothers Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Coventry Innovation Village, Cheetah Road, Coventry, CV1 2TL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Going concern

The financial statements have been prepared on a going concern basis as the directors are of the opinion that sufficient funds are available to enable the company to continue to trade and return to profitability.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
10% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.

PHILPOT BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
1
Accounting policies
(Continued)
- 3 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PHILPOT BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
- 4 -
2
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2017 and 30 April 2018
3,448
Depreciation and impairment
At 1 May 2017 and 30 April 2018
3,448
Carrying amount
At 30 April 2018
-
At 30 April 2017
-
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
131,705
131,705
Other debtors
895
895
Prepayments and accrued income
182
173
132,782
132,773
4
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
16,135
10,376
Corporation tax
5
5
Other taxation and social security
19,593
20,586
Other creditors
38,303
38,303
Accruals and deferred income
4,329
4,228
78,365
73,498
5
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
263,403 Ordinary shares of £1 each
263,403
263,403
263,403
263,403
PHILPOT BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
- 5 -
6
Prior period adjustment
Changes to the balance sheet
At 30 April 2017
As previously reported
Adjustment
As restated
£
£
£
Fixed assets
Investments
795,000
(795,000)
-
0
Current assets
Stocks
2,726
795,000
797,726
Net assets
1,211,783
-
1,211,783
Capital and reserves
Total equity
1,211,783
-
1,211,783

The prior year adjustment relates to the correction of an accounting entry that erroneously treated work in progress as investments. The prior year adjustment has no impact on the profit and loss account or reserves.

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