J.A. Phillips Associates Limited Filleted accounts for Companies House (small and micro)

J.A. PHILLIPS ASSOCIATES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03041700

J.A. Phillips Associates Limited

Filleted Unaudited Financial Statements

31 December 2018

J.A. Phillips Associates Limited

Statement of Financial Position

31 December 2018

	2018	2017
Note	£	£

Fixed assets

Tangible assets	5	17,361	21,655

Current assets

Stocks		30,792	28,263
Debtors	6	761,869	1,402,425
Cash at bank and in hand		267,964	247,903
		------------	------------
		1,060,625	1,678,591

Creditors: amounts falling due within one year	7	859,912	1,293,293
		------------	------------
Net current assets		200,713	385,298
		---------	---------
Total assets less current liabilities		218,074	406,953

Creditors: amounts falling due after more than one year	8	10,870	–

Provisions	2,257	3,346
	---------	---------
Net assets	204,947	403,607
	---------	---------

Capital and reserves

Called up share capital	900	900
Profit and loss account	204,047	402,707
	---------	---------
Shareholders funds	204,947	403,607
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- 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 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

J.A. Phillips Associates Limited

Statement of Financial Position (continued)

31 December 2018

These financial statements were approved by the board of directors and authorised for issue on 26 September 2019 , and are signed on behalf of the board by:

Mr C J Bacon
Director

Company registration number: 03041700

J.A. Phillips Associates Limited

Notes to the Financial Statements

Year ended 31 December 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 8 Trafalgar Business Centre, 77-89 River Road, Barking, Essex, IG11 OJU.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	15% reducing balance
Motor vehicles	-	20% reducing balance

Stocks

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 stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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 statement of financial position 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 as a finance cost in profit or loss in the period it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2017: 3 ).

5. Tangible assets

	Fixtures and fittings	Motor vehicles	Total
	£	£	£
Cost
At 1 January 2018 and 31 December 2018	4,380	26,130	30,510
	-------	--------	--------
Depreciation
At 1 January 2018	3,629	5,226	8,855
Charge for the year	113	4,181	4,294
	-------	--------	--------
At 31 December 2018	3,742	9,407	13,149
	-------	--------	--------
Carrying amount
At 31 December 2018	638	16,723	17,361
	-------	--------	--------
At 31 December 2017	751	20,904	21,655
	-------	--------	--------

6. Debtors

	2018	2017
	£	£
Trade debtors	740,849	1,400,775
Other debtors	21,020	1,650
	---------	------------
	761,869	1,402,425
	---------	------------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	338,446	517,456
Corporation tax	6,090	31,258
Social security and other taxes	86,540	138,144
Other creditors	428,836	606,435
	---------	------------
	859,912	1,293,293
	---------	------------

8. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Other creditors	10,870	–
	--------	----

9. Related party transactions

During the year, dividend paid to the director amounted to £111,000 (2017: £108,000).