Phidias Neoclassical Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03207196 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2018

for

PHIDIAS NEOCLASSICAL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

T D Dring

SECRETARY:

J S Whitbread

REGISTERED OFFICE:

Bath House

6-8 Bath Street

Redcliffe

Bristol

BS1 6HL

REGISTERED NUMBER:

03207196 (England and Wales)

ACCOUNTANTS:

Haines Watts

Chartered Accountants

Bath House

6-8 Bath Street

Bristol

BS1 6HL

FIXED ASSETS

Tangible assets

4

1,092,285

1,249,919

Investment property

5

1,010,016

1,010,016

2,102,301

2,259,935

CURRENT ASSETS

Stocks

517,172

498,502

Debtors

6

100,153

193,650

Cash in hand

67

67

617,392

692,219

CREDITORS

Amounts falling due within one year

7

442,823

485,261

NET CURRENT ASSETS

174,569

206,958

TOTAL ASSETS LESS CURRENT LIABILITIES

2,276,870

2,466,893

CREDITORS

Amounts falling due after more than one year

8

(918,431

)

(1,062,866

)

PROVISIONS FOR LIABILITIES

(64,968

)

(32,915

)

NET ASSETS

1,293,471

1,371,112

CAPITAL AND RESERVES

Called up share capital

225,748

225,748

Retained earnings

1,067,723

1,145,364

1,293,471

1,371,112

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2018 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.

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.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved and authorised for issue by the director on 28 March 2019 and were signed by:

T D Dring - Director

1.	COMPANY INFORMATION

Phidias Neoclassical 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 company's principal activities and nature of its operations are disclosed in the Directors' Report.

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" ("FRS 102") and the requirements of the Companies Act 2006.

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 £.

The financial statements have been prepared on the historical cost convention. The principal accounting

policies adopted are set out below.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company

has adequate resources to continue in operational existence for the foreseeable future. Thus the directors

continue to adopt the going concern basis of accounting in preparing the financial statements.

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.

Freehold property

-

2% on cost

Plant and machinery

-

15% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes

in fair value is 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.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid

investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown

within borrowings in current liabilities.

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 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.

Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash

and bank balances, are initially measured at transaction price including transaction costs and are subsequently

carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows

from the asset expire or are settled, or when the company transfers the financial asset and substantially all the

risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are

retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an

unrelated third party.

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are

initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the

debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial

liabilities are derecognised when, and only when, the company's contractual obligations are discharged,

cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account,

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

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

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2017 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 July 2017

683,943

898,274

167,885

16,841

1,766,943

Additions

-

7,060

16,400

-

23,460

Disposals

-

(25,952

)

-

-

(25,952

)

Reclassification/transfer

-

13,567

(13,567

)

-

-

At 30 June 2018

683,943

892,949

170,718

16,841

1,764,451

DEPRECIATION

At 1 July 2017

-

480,237

19,946

16,841

517,024

Charge for year

13,679

88,992

52,471

-

155,142

At 30 June 2018

13,679

569,229

72,417

16,841

672,166

NET BOOK VALUE

At 30 June 2018

670,264

323,720

98,301

-

1,092,285

At 30 June 2017

683,943

418,037

147,939

-

1,249,919

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2017

and 30 June 2018

1,010,016

NET BOOK VALUE

At 30 June 2018

1,010,016

At 30 June 2017

1,010,016

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

69,884

140,891

Other debtors

21,399

47,136

Staff loans

7,214

-

Prepayments and accrued income

1,656

5,623

100,153

193,650

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

84,661

135,681

Keys finance

13,770

-

Hire purchase contracts (see note 9)

97,453

44,202

Trade creditors

69,934

117,786

Tax

17,696

30,537

Social security and other taxes

27,676

25,916

VAT

100,875

71,957

Other creditors

26,009

53,882

Accruals and deferred income

4,749

5,300

442,823

485,261

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Mortgage and bank loan >1yr

353,052

339,707

Hire purchase contracts (see note 9)

136,320

326,950

Directors' loan accounts

429,059

396,209

918,431

1,062,866

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2018

2017

£

£

Net obligations repayable:

Within one year

97,453

44,202

Between one and five years

136,320

326,950

233,773

371,152

Non-cancellable

operating leases

2018

2017

£

£

Within one year

5,874

-

Between one and five years

21,537

-

27,411

-

10.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

379,210

368,994

Hire purchase contracts

233,773

371,152

612,983

740,146

The mortgage is secured by fixed and floating charges over the assets of the company. Hire purchase balances

are secured against the assets to which they relate.