Phidias Neoclassical Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03207196 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2023

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

1,351,845

1,347,283

Investment property

5

-

1,330,000

1,351,845

2,677,283

CURRENT ASSETS

Stocks

459,831

599,044

Debtors

6

1,450,261

94,346

Cash at bank and in hand

312

647

1,910,404

694,037

CREDITORS

Amounts falling due within one year

7

(530,299

)

(542,955

)

NET CURRENT ASSETS

1,380,105

151,082

TOTAL ASSETS LESS CURRENT LIABILITIES

2,731,950

2,828,365

CREDITORS

Amounts falling due after more than one year

8

(708,262

)

(820,785

)

PROVISIONS FOR LIABILITIES

(157,417

)

(183,071

)

NET ASSETS

1,866,271

1,824,509

CAPITAL AND RESERVES

Called up share capital

225,748

225,748

Revaluation reserve

494,627

441,127

Fair value reserve

-

150,088

Retained earnings

1,145,896

1,007,546

1,866,271

1,824,509

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 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 27 March 2024 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

Government grants

Included within other operating income are grants received in relation to the Government's Job Retention Scheme.

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

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

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.

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.

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 18 (2022 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST OR VALUATION

At 1 July 2022

1,200,000

1,035,147

185,706

16,841

2,437,694

Additions

-

8,785

354

-

9,139

Revaluations

50,000

-

-

-

50,000

At 30 June 2023

1,250,000

1,043,932

186,060

16,841

2,496,833

DEPRECIATION

At 1 July 2022

-

895,049

178,521

16,841

1,090,411

Charge for year

16,000

51,115

3,462

-

70,577

Revaluation adjustments

(16,000

)

-

-

-

(16,000

)

At 30 June 2023

-

946,164

181,983

16,841

1,144,988

NET BOOK VALUE

At 30 June 2023

1,250,000

97,768

4,077

-

1,351,845

At 30 June 2022

1,200,000

140,098

7,185

-

1,347,283

Included in cost or valuation of land and buildings is freehold land of £ 416,666 (2022 - £ 400,000 ) which is not depreciated.

Included within the net book value of tangible assets is £70,160 (2022 - £107,872) relating to assets held under hire purchase agreements.

Cost or valuation at 30 June 2023 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

Valuation in 2022

144,000

-

-

-

144,000

Valuation in 2023

50,000

-

-

-

50,000

Cost

697,537

1,043,932

186,060

16,841

1,944,370

1,250,000

1,043,932

186,060

16,841

2,496,833

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

2023

2022

£

£

Cost

697,537

697,537

Aggregate depreciation

64,768

55,417

Value of land in freehold land and buildings

229,979

229,979

Freehold property was valued by the director at £1,250,000, based on a 17 June 2021 valuation carried out by a RICS registered valuer.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2022

1,330,000

Disposals

(1,330,000

)

At 30 June 2023

-

NET BOOK VALUE

At 30 June 2023

-

At 30 June 2022

1,330,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

163,938

55,244

Amounts owed by group undertakings

1,261,594

-

Other debtors

7,793

28,666

Prepayments

16,936

10,436

1,450,261

94,346

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

190,216

164,754

Hire purchase contracts (see note 9)

62,526

59,761

Trade creditors

124,331

86,243

Tax

57,797

38,805

Social security and other taxes

20,055

18,987

VAT

37,226

150,399

Other creditors

33,399

19,257

Accruals and deferred income

4,749

4,749

530,299

542,955

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans 1-5yr

452,644

492,667

Hire purchase contracts (see note 9)

39,477

102,003

Directors' loan accounts

216,141

226,115

708,262

820,785

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2023

2022

£

£

Net obligations repayable:

Within one year

62,526

59,761

Between one and five years

39,477

102,003

102,003

161,764

Non-cancellable

operating leases

2023

2022

£

£

Within one year

7,426

11,980

Between one and five years

5,770

16,043

13,196

28,023

10.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Hire purchase contracts

102,003

161,764

Bank loans

-

517,500

102,003

679,264

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

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Phidias Property Holdings Limited.

The ultimate controlling party is T D Dring.