Philip Helliar Limited - Period Ending 2016-04-05

Registration number: 04509925

Philip Helliar Limited

Unaudited Abbreviated Accounts

for the Year Ended 5 April 2016
 

D A Green & Sons
Chartered Certified Accountants
12 The Broadway
St. Ives
Cambridgeshire
PE27 5BN

Philip Helliar Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Philip Helliar Limited
for the Year Ended 5 April 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Philip Helliar Limited for the year ended 5 April 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Philip Helliar Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Philip Helliar Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Philip Helliar Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Philip Helliar Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Philip Helliar Limited. You consider that Philip Helliar Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Philip Helliar Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

D A Green & Sons
Chartered Certified Accountants
12 The Broadway
St. Ives
Cambridgeshire
PE27 5BN

21 April 2016

Page 1

Philip Helliar Limited
(Registration number: 04509925)
Abbreviated Balance Sheet at 5 April 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					8,309			8,177
Current assets
Stocks					1,500			1,500
Debtors					30,440			20,332
Cash at bank and in hand					25,478			67,277
					57,418			89,109
Creditors: Amounts falling due within one year					(62,798)			(94,410)
Net current liabilities					(5,380)			(5,301)
Total assets less current liabilities					2,929			2,876
Provisions for liabilities					(1,268)			(1,155)
Net assets					1,661			1,721
Capital and reserves
Called up share capital		3			1,200			1,200
Profit and loss account					461			521
Shareholders' funds					1,661			1,721

For the year ending 5 April 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 21 April 2016 and signed on its behalf by:

.........................................
Mr M J Winter
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Philip Helliar Limited
Notes to the Abbreviated Accounts for the Year Ended 5 April 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provide on intangible fixed assets so as to write off the cost over their expected useful lives as follows:

Asset class	Amortisation method and rate
Goodwill	20% per annum straight line basis

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% per annum reducing balance basis

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 3

Philip Helliar Limited
Notes to the Abbreviated Accounts for the Year Ended 5 April 2016
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 6 April 2015		144,000			23,230			167,230
Additions		-			1,599			1,599
At 5 April 2016		144,000			24,829			168,829
Depreciation
At 6 April 2015		144,000			15,053			159,053
Charge for the year		-			1,467			1,467
At 5 April 2016		144,000			16,520			160,520
Net book value
At 5 April 2016		-			8,309			8,309
At 5 April 2015		-			8,177			8,177

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		1,200			1,200			1,200			1,200

Page 4

Philip Helliar Limited
Notes to the Abbreviated Accounts for the Year Ended 5 April 2016
......... continued

4	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mr A J Clover
Loan(to)/from director	(3,959)	-	8,514	-
Mr M J Winter
Loan from director	2,468	-	12,735	-
Mr J W O'Dell
Loan (to)/from director	(6,981)	-	12,816	-

Page 5