A.G. Phillips & Son Limited - Period Ending 2016-03-31

Registration number: 01602404

A.G. Phillips & Son Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

A.G. Phillips & Son Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 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 Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
A.G. Phillips & Son Limited
for the Year Ended 31 March 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of A.G. Phillips & Son Limited for the year ended 31 March 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of A.G. Phillips & Son 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 A.G. Phillips & Son Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A.G. Phillips & Son Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that A.G. Phillips & Son 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 A.G. Phillips & Son Limited. You consider that A.G. Phillips & Son 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 A.G. Phillips & Son 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.

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

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

22 December 2016

Page 1

A.G. Phillips & Son Limited
(Registration number: 01602404)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					697,625			700,352
Current assets
Stocks					15,778			15,027
Debtors					1,800			-
Cash at bank and in hand					1,830			1,250
					19,408			16,277
Creditors: Amounts falling due within one year					(363,159)			(305,406)
Net current liabilities					(343,751)			(289,129)
Total assets less current liabilities					353,874			411,223
Creditors: Amounts falling due after more than one year					-			(60,503)
Provisions for liabilities					(17,000)			(14,942)
Net assets					336,874			335,778
Capital and reserves
Called up share capital		4			150			150
Revaluation reserve					234,037			234,037
Profit and loss account					102,687			101,591
Shareholders' funds					336,874			335,778

For the year ending 31 March 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 22 December 2016 and signed on its behalf by:

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 2

A.G. Phillips & Son Limited
(Registration number: 01602404)
Abbreviated Balance Sheet at 31 March 2016
......... continued

.........................................
G S A Phillips
Director

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 3

A.G. Phillips & Son Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 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.

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% written down value
Motor Vehicles	25% written down value
Land and Buildings	1% on cost

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.

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.

Page 4

A.G. Phillips & Son Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2015		1,108,234			1,108,234
Additions		18,634			18,634
At 31 March 2016		1,126,868			1,126,868
Depreciation
At 1 April 2015		407,882			407,882
Charge for the year		21,361			21,361
At 31 March 2016		429,243			429,243
Net book value
At 31 March 2016		697,625			697,625
At 31 March 2015		700,352			700,352

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Amounts falling due within one year		-			20,662
Amounts falling due after more than one year		-			60,503
Total secured creditors		-			81,165

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary Shares of £1 each		100			100			100			100
Ordinary B Shares of £1 each		50			50			50			50
		150			150			150			150

Page 5