H. J. PHILLIPS & SON LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01624533 (England and Wales)

Financial Statements for the Year Ended 30 November 2019

for

H. J. PHILLIPS & SON LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs J G Phillips

Mrs N L Phillips-Taylor

SECRETARY:

Mrs J G Phillips

REGISTERED OFFICE:

Yspitty Road

Bynea

Llanelli

Carmarthenshire

SA14 9TD

REGISTERED NUMBER:

01624533 (England and Wales)

AUDITORS:

Cambrian & Co Ltd

13A Victoria Gardens

Neath

West Glamorgan

SA11 3AY

FIXED ASSETS

Tangible assets

4

331,762

310,586

CURRENT ASSETS

Stocks

304,111

327,004

Debtors

5

246,395

291,330

Cash at bank

7,045

43,893

557,551

662,227

CREDITORS

Amounts falling due within one year

6

382,413

434,622

NET CURRENT ASSETS

175,138

227,605

TOTAL ASSETS LESS CURRENT LIABILITIES

506,900

538,191

CREDITORS

Amounts falling due after more than one year

7

-

(32,161

)

PROVISIONS FOR LIABILITIES

(6,871

)

(1,032

)

NET ASSETS

500,029

504,998

CAPITAL AND RESERVES

Called up share capital

16,965

16,965

Retained earnings

483,064

488,033

SHAREHOLDERS' FUNDS

500,029

504,998

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 August 2020 and were signed on its behalf by:

Mrs N L Phillips-Taylor - Director

1.	STATUTORY INFORMATION

H. J. PHILLIPS & SON 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.

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on cost and 15% on cost

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 39 (2018 - 38 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST

At 1 December 2018

496,382

683,926

60,897

1,241,205

Additions

9,218

45,183

18,781

73,182

Disposals

-

-

(6,938

)

(6,938

)

At 30 November 2019

505,600

729,109

72,740

1,307,449

DEPRECIATION

At 1 December 2018

208,002

672,277

50,340

930,619

Charge for year

25,280

20,846

4,172

50,298

Eliminated on disposal

-

-

(5,230

)

(5,230

)

At 30 November 2019

233,282

693,123

49,282

975,687

NET BOOK VALUE

At 30 November 2019

272,318

35,986

23,458

331,762

At 30 November 2018

288,380

11,649

10,557

310,586

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.19

30.11.18

£

£

Trade debtors

86,862

120,945

Other debtors

142,536

158,073

Prepayments and accrued income

16,997

12,312

246,395

291,330

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.19

30.11.18

£

£

Trade creditors

268,988

280,139

Tax

(30

)

7,805

Social security and other taxes

15,375

15,233

VAT

33,795

25,097

Stocking loans

56,435

96,898

Accrued expenses

7,850

9,450

382,413

434,622

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.19

30.11.18

£

£

Other Creditors

-

32,161

8.	SECURED DEBTS

The following secured debts are included within creditors:

30.11.19

30.11.18

£

£

Stocking loan

-

96,898

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Dylan Jones (Senior Statutory Auditor)

for and on behalf of Cambrian & Co Ltd

10.	RELATED PARTY DISCLOSURES

Other Debtors includes an amount of £17,672 (2018 £17,009) relating to a loan to S Phillips a close member of

the directors' family. This loan is subject to interest at the official rate and due for repayment within the next 12

months.

Included in trade debtors is an amount of £916 (2018 £916) owed by S Phillips a close member of the directors

family.

Other Debtors includes an amount of £100,000 (2018 £100,000) relating to an investment made by the company

on 8th November 2007 with Canada Life. The investment, a single life flexible investment bond where the life

assured is director Nicola Phillips-Taylor, has incorrectly shown her as the policyholder instead of the

company. As confirmed by the solicitors acting, steps are now being taken to correct this but at the balance

sheet date the policyholder was director Nicola Phillips-Taylor. The correct accounting treatment is therefore a

debtor.

The Directors operate a current account with the company, the balance at the end of the year was £Nil.

During the year the director Mrs J Phillips was paid £39,000 (2018 £39,000) for rent of the building.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Mrs J G Phillips.

The ultimate controlling party is Mrs J G Phillips by virtue of her 51% shareholding.