Philip Dean Inns Limited - Accounts to registrar (filleted) - small 18.2

PHILIP DEAN INNS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH NOVEMBER 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C D Samuels

C P Grandison

REGISTERED OFFICE:

Fairfax House

6a Mill Field Road

Cottingley Business Park

Cottingley

West Yorkshire

BD16 1PY

REGISTERED NUMBER:

08770719 (England and Wales)

ACCOUNTANTS:

Wilkinson and Partners

Chartered Accountants

Fairfax House

6a Mill Field Road

Cottingley Business Park

Bradford

West Yorkshire

BD16 1PY

FIXED ASSETS

Tangible assets

4

44,747

49,803

CURRENT ASSETS

Stocks

5

11,950

14,518

Debtors

6

23,887

22,375

Cash at bank and in hand

11,579

12,537

47,416

49,430

CREDITORS

Amounts falling due within one year

7

184,952

189,216

NET CURRENT LIABILITIES

(137,536

)

(139,786

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(92,789

)

(89,983

)

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

(92,889

)

(90,083

)

SHAREHOLDERS' FUNDS

(92,789

)

(89,983

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 16th July 2019 and were signed on its behalf by:

C D Samuels - Director

C P Grandison - Director

1.	STATUTORY INFORMATION

Philip Dean Inns 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

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.

Improvements to property

-

10% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Stocks

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

slow moving items.

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2017 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1st December 2017

20,225

5,765

53,702

79,692

Additions

-

-

2,599

2,599

At 30th November 2018

20,225

5,765

56,301

82,291

DEPRECIATION

At 1st December 2017

3,888

3,531

22,470

29,889

Charge for year

2,022

558

5,075

7,655

At 30th November 2018

5,910

4,089

27,545

37,544

NET BOOK VALUE

At 30th November 2018

14,315

1,676

28,756

44,747

At 30th November 2017

16,337

2,234

31,232

49,803

5.

STOCKS

2018

2017

£

£

Stocks

11,950

14,518

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

858

-

Deferred tax asset

21,789

21,131

Prepayments

1,240

1,244

23,887

22,375

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

2,239

1,603

Trade creditors

11,565

18,518

Social security and other taxes

592

1,468

VAT

15,676

14,987

Other creditors

149,896

148,501

Accrued expenses

4,984

4,139

184,952

189,216

Loans from directors are provided interest free and are repayable on demand.

The other creditor is a loan from Mr S Samuels, a shareholder of the company.

8.	DEFERRED TAX

£

Balance at 1st December 2017

(21,131

)

Accelerated capital allowances

(961

)

Loss relief

303

Balance at 30th November 2018

(21,789

)

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary shares

£1.00

100

100

10.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.