Philbert Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06914781 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2021

for

Philbert Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

J J B Casarotto

N A Clay

S McQueen

N Parkinson

REGISTERED OFFICE:

First Floor, St Johns House

16 Church Street

Bromsgrove

Worcestershire

B61 8DN

REGISTERED NUMBER:

06914781 (England and Wales)

ACCOUNTANTS:

Clay Knox Ltd

First Floor, St Johns House

16 Church Street

Bromsgrove

Worcestershire

B61 8DN

FIXED ASSETS

Tangible assets

5

1,749,096

1,796,351

Investments

6

1,803,653

696,583

3,552,749

2,492,934

CURRENT ASSETS

Debtors

7

2,685,662

1,084,903

Cash at bank

310,953

1,267,595

2,996,615

2,352,498

CREDITORS

Amounts falling due within one year

8

222,910

508,697

NET CURRENT ASSETS

2,773,705

1,843,801

TOTAL ASSETS LESS CURRENT LIABILITIES

6,326,454

4,336,735

CAPITAL AND RESERVES

Called up share capital

9

1

1

Retained earnings

6,326,453

4,336,734

SHAREHOLDERS' FUNDS

6,326,454

4,336,735

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2021 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 18 May 2022 and were signed on its behalf by:

S McQueen - Director

1.	STATUTORY INFORMATION

Philbert 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

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

-

20% on reducing balance and 2% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Fixed asset investments

Fixed asset investments are shown at the current market value.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 June 2020

and 31 May 2021

1,640,881

378,047

2,018,928

DEPRECIATION

At 1 June 2020

131,271

91,306

222,577

Charge for year

32,817

14,438

47,255

At 31 May 2021

164,088

105,744

269,832

NET BOOK VALUE

At 31 May 2021

1,476,793

272,303

1,749,096

At 31 May 2020

1,509,610

286,741

1,796,351

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 June 2020

696,583

Additions

1,322,719

Disposals

(360,479

)

Revaluations

205,563

Exchange differences

(60,733

)

At 31 May 2021

1,803,653

NET BOOK VALUE

At 31 May 2021

1,803,653

At 31 May 2020

696,583

Cost or valuation at 31 May 2021 is represented by:

Other

investments

£

Valuation in 2019

(11,014

)

Valuation in 2020

21,926

Valuation in 2021

107,070

Cost

1,685,671

1,803,653

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

60,444

6,207

Amounts owed by participating interests

149,312

141,494

Other debtors

2,475,906

937,202

2,685,662

1,084,903

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

4,851

4,949

Taxation and social security

216,115

494,418

Other creditors

1,944

9,330

222,910

508,697

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

1

Ordinary

£1

1

1

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2021 and 31 May 2020:

2021

2020

£

£

S McQueen

Balance outstanding at start of year

735,445

9,785

Amounts advanced

1,790,373

769,139

Amounts repaid

(256,508

)

(43,479

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

2,269,310

735,445

Interest was charged on the amount due from director at the prevailing HMRC interest rates. The loan bears no fixed repayment terms.