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 2019

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

963,419

1,092,285

Investment property

5

1,151,766

1,010,016

2,115,185

2,102,301

CURRENT ASSETS

Stocks

548,266

517,172

Debtors

6

152,858

100,153

Cash at bank and in hand

4,153

67

705,277

617,392

CREDITORS

Amounts falling due within one year

7

(1,133,330

)

(442,823

)

NET CURRENT (LIABILITIES)/ASSETS

(428,053

)

174,569

TOTAL ASSETS LESS CURRENT LIABILITIES

1,687,132

2,276,870

CREDITORS

Amounts falling due after more than one year

8

(625,500

)

(918,431

)

PROVISIONS FOR LIABILITIES

-

(64,968

)

NET ASSETS

1,061,632

1,293,471

CAPITAL AND RESERVES

Called up share capital

225,748

225,748

Retained earnings

835,884

1,067,723

1,061,632

1,293,471

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2019 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 3 August 2020 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.

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 17 (2018 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 July 2018

683,943

892,949

170,718

16,841

1,764,451

Additions

5,994

-

1,492

-

7,486

At 30 June 2019

689,937

892,949

172,210

16,841

1,771,937

DEPRECIATION

At 1 July 2018

13,679

569,229

72,417

16,841

672,166

Charge for year

13,799

81,587

40,966

-

136,352

At 30 June 2019

27,478

650,816

113,383

16,841

808,518

NET BOOK VALUE

At 30 June 2019

662,459

242,133

58,827

-

963,419

At 30 June 2018

670,264

323,720

98,301

-

1,092,285

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2018

1,010,016

Additions

141,750

At 30 June 2019

1,151,766

NET BOOK VALUE

At 30 June 2019

1,151,766

At 30 June 2018

1,010,016

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

152,858

69,884

Other debtors

-

21,399

Staff loans

-

7,214

Prepayments and accrued income

-

1,656

152,858

100,153

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

164,435

84,661

Keys finance

4,080

13,770

Hire purchase contracts (see note 9)

-

97,453

Trade creditors

107,540

69,934

Tax

23,122

17,696

Social security and other taxes

93,095

27,676

VAT

191,700

100,875

Other creditors

34,398

26,009

Directors' current accounts

349,941

-

Accruals and deferred income

165,019

4,749

1,133,330

442,823

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans >1yr

625,500

353,052

Hire purchase contracts (see note 9)

-

136,320

Directors' loan accounts

-

429,059

625,500

918,431

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2019

2018

£

£

Net obligations repayable:

Within one year

-

97,453

Between one and five years

-

136,320

-

233,773

Non-cancellable

operating leases

2019

2018

£

£

Within one year

6,683

5,874

Between one and five years

15,663

21,537

22,346

27,411

10.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

679,500

-

The bank loan included within short term and long term creditors, is secured by fixed and floating charges

over the assets of the company