PHYSICAL_COMPANY_LIMITED

PHYSICAL COMPANY LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 5

PHYSICAL COMPANY LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 JUNE 2015

- 1 -

2015

2014

Notes

£

Fixed assets

Tangible assets

2

29,876

42,666

Investments

2

63,091

111,366

92,967

154,032

Current assets

Stocks

742,778

685,059

Debtors

812,463

462,527

Cash at bank and in hand

110,796

94,169

1,666,037

1,241,755

Creditors: amounts falling due within one year

(571,508)

(235,022)

Net current assets

1,094,529

1,006,733

Total assets less current liabilities

1,187,496

1,160,765

Provisions for liabilities

(3,047)

(4,962)

1,184,449

1,155,803

Capital and reserves

Called up share capital

3

1,000

Share premium account

246,721

Profit and loss account

936,728

908,082

Shareholders' funds

1,184,449

1,155,803

PHYSICAL COMPANY LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

30 JUNE 2015

- 2 -

For the financial year ended 30 June 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

-

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

-

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 31 March 2016

J S Halls

Director

Company Registration No. 03718828

PHYSICAL COMPANY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2015

- 3 -

1

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Income is realised in the period to which it relates.

1.4

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of ten years.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

25% on straight line basis

Computer equipment

25% on straight line basis

Fixtures, fittings and equipment

25% on straight line basis

1.6

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

1.7

Stock

Stock is valued at the lower of cost and net realisable value.

1.8

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.9

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

PHYSICAL COMPANY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2015

- 4 -

2

Fixed assets

Intangible assets

Tangible assets

Investments

Total

£

Cost

At 1 July 2014

154,000

243,337

111,366

508,703

Additions

-

23,537

-

23,537

Disposals

-

(48,275)

At 30 June 2015

154,000

266,874

63,091

483,965

Depreciation

At 1 July 2014

154,000

200,671

-

354,671

Charge for the year

-

36,327

-

36,327

At 30 June 2015

154,000

236,998

-

390,998

Net book value

At 30 June 2015

-

29,876

63,091

92,967

At 30 June 2014

-

42,666

111,366

154,032

The company has an interest in Gravity UK LLP, a limited liability partnership registered in the United Kingdom. The above investment represents the company's share of the partners' capital accounts in Gravity UK LLP and includes the company's share of the profit for the year from Gravity UK LLP of £23,219 (2014: £17,501).

3

Share capital

2015

2014

£

Allotted, called up and fully paid

760 Ordinary A Shares of £1 each

760

240 Ordinary B Shares of £1 each

240

1,000

PHYSICAL COMPANY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2015

- 5 -

4

Related party relationships and transactions

Included within other debtors is £56,155 (2014: £132,169) owed to the company by the directors as at the balance sheet date. The maximum balance outstanding during the year was £201,397. The loan was repaid to the company in full within nine months of the year end.

Interest of £3,648 (2014: £1,020) was charged on the loan to the directors at the HM Revenue and Customs rate for beneficial loans.

During the year the company charged Gravity UK LLP £nil (2014: £nil) for management fees. All transactions were on a normal trading basis.

During the year aggregated dividends were paid to the directors as follows:

P A Halls - £71,208

S F Halls - £71,208

N Halls - £3,000

J A Halls - £3,000

J S Halls - £3,000

PHYSICAL_COMPANY_LIMITED - Accounts

PHYSICAL_COMPANY_LIMITED - Accounts