ACCOUNTS - Final Accounts

TREVOR PHILIP & SONS LIMITED - Company Information

Company registration number: 1790753

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 JULY 2019

	TREVOR PHILIP & SONS LIMITED


TREVOR PHILIP & SONS LIMITED REGISTERED NUMBER:1790753

STATEMENT OF FINANCIAL POSITION

AS AT 31 JULY 2019

		2019		2018
Note		£		£


Current assets
Stocks		422,910		447,410
Debtors: amounts falling due within one year	4	1,716		1,059
Cash at bank and in hand		22,127		22,983
		446,753		471,452
Creditors: amounts falling due within one year	5	(123,169)		(115,974)
Net current assets			323,584		355,478
Total assets less current liabilities			323,584		355,478

Net assets			323,584		355,478

Capital and reserves
Allotted, called up and fully paid share capital	75,000	75,000
Share premium account	44,857	44,857
Profit and loss account	203,727	235,621
	323,584	355,478

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 July 2020.

Mr A M Waterman

Director

The notes on pages 2 to 3 form part of these financial statements.

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TREVOR PHILIP & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2019

1.	General information

Trevor Philip & Sons is a private company limited by shares incorporated in England and Wales, registration number 0179075. The address of the registered office is Lynton House, 7-12 Tavistock Square, London, WC1H 9LT. The trading address is 75A Jermyn Street, St. James', London, SW1Y 6NP.
The principal activity of the company continued to be that of antique merchants and dealers.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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TREVOR PHILIP & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2019

2.Accounting policies (continued)

2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Employees

The average monthly number of employees, including directors, during the year was 3 (2018 - 2).

Debtors

					2019	2018
					£	£


Other debtors	1,716	17
Prepayments and accrued income	-	1,042
	1,716	1,059

5.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Bank overdrafts	232	232
Other taxation and social security	88	5,383
Other creditors	117,099	103,943
Accruals and deferred income	5,750	6,416
	123,169	115,974

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