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 2021

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

1,270,150

1,226,037

Investment property

5

1,300,000

1,250,000

2,570,150

2,476,037

CURRENT ASSETS

Stocks

598,822

546,298

Debtors

6

143,192

158,292

Cash at bank and in hand

1,102

520

743,116

705,110

CREDITORS

Amounts falling due within one year

7

(817,319

)

(768,508

)

NET CURRENT LIABILITIES

(74,203

)

(63,398

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,495,947

2,412,639

CREDITORS

Amounts falling due after more than one year

8

(718,431

)

(754,565

)

PROVISIONS FOR LIABILITIES

(116,099

)

(96,375

)

NET ASSETS

1,661,417

1,561,699

CAPITAL AND RESERVES

Called up share capital

225,748

225,748

Revaluation reserve

340,555

287,866

Fair value reserve

132,543

92,043

Retained earnings

962,571

956,042

1,661,417

1,561,699

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 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 19 November 2021 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.

The company's principal activities and nature of its operations are disclosed in the Directors' Report.

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

Land included within Freehold property has been valued at 1/3 of total cost/revaluation, and has not been depreciated.

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.

Work in progress

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the period end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which cost incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are foreseen.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2020 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST OR VALUATION

At 1 July 2020

1,007,600

937,254

172,210

16,841

2,133,905

Additions

-

95,365

13,030

-

108,395

Revaluations

48,400

-

-

-

48,400

At 30 June 2021

1,056,000

1,032,619

185,240

16,841

2,290,700

DEPRECIATION

At 1 July 2020

-

737,643

153,384

16,841

907,868

Charge for year

13,485

92,428

20,254

-

126,167

Revaluation adjustments

(13,485

)

-

-

-

(13,485

)

At 30 June 2021

-

830,071

173,638

16,841

1,020,550

NET BOOK VALUE

At 30 June 2021

1,056,000

202,548

11,602

-

1,270,150

At 30 June 2020

1,007,600

199,611

18,826

-

1,226,037

Included in cost or valuation of land and buildings is freehold land of £ 352,000 (2020 - £ 333,333 ) which is not depreciated.

Cost or valuation at 30 June 2021 is represented by:

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

Valuation in 2020

310,063

-

-

-

310,063

Valuation in 2021

48,400

-

-

-

48,400

Cost

697,537

1,032,619

185,240

16,841

1,932,237

1,056,000

1,032,619

185,240

16,841

2,290,700

If freehold property had not been revalued it would have been included at the following historical cost:

2021

2020

£

£

Cost

697,537

697,537

Aggregate depreciation

46,066

36,715

Value of land in freehold land and buildings

229,979

229,979

Freehold property was valued by the director at £1,056,000, based on a 17 June 2021 valuation carried out by a RICS registered valuer.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2020

1,250,000

Revaluations

50,000

At 30 June 2021

1,300,000

NET BOOK VALUE

At 30 June 2021

1,300,000

At 30 June 2020

1,250,000

Fair value at 30 June 2021 is represented by:

£

Valuation in 2020

98,234

Valuation in 2021

50,000

Cost

1,151,766

1,300,000

Investment property was valued by the director at £1,300,000, based on the 30 June 2020 valuation carried out by Ashford Franklin Limited of £1,250,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

113,662

138,452

Other debtors

19,094

19,840

Prepayments

10,436

-

143,192

158,292

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

163,981

95,560

Keys finance

16,829

8,000

Hire purchase contracts (see note 9)

54,844

34,749

Trade creditors

42,403

14,152

Tax

38,294

7,007

Social security and other taxes

34,534

10,747

VAT

181,856

128,805

Other creditors

42,056

13,419

Directors' current accounts

222,773

291,050

Accruals and deferred income

19,749

165,019

817,319

768,508

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans 1-5yr

556,667

620,667

Hire purchase contracts (see note 9)

161,764

133,898

718,431

754,565

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2021

2020

£

£

Net obligations repayable:

Within one year

54,844

34,749

Between one and five years

161,764

133,898

216,608

168,647

Non-cancellable

operating leases

2021

2020

£

£

Within one year

7,899

7,899

Between one and five years

6,616

14,516

14,515

22,415

10.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Hire purchase contracts

216,608

168,647

Bank loans

571,500

625,500

788,108

794,147

The bank loan included within short term and long term creditors, is secured by fixed and floating charges over the assets of the company.

The hire purchase agreements are secured against the assets to which they relate.

11.	RELATED PARTY DISCLOSURES

Creditors falling due within one year includes a loan from the director totalling £222,773 (2020: £291,050). This loan is interest free