Company Registration No. 01943550 (England and Wales)
PHILLIPS-TUFTEX LIMITED
Annual report and unaudited accounts
for the year ended 31 December 2016
PHILLIPS-TUFTEX LIMITED
Annual report and unaudited accounts
Contents
PHILLIPS-TUFTEX LIMITED
Statement of financial position
as at 31 December 2016
Tangible assets
23,337
23,438
Inventories
554,898
575,063
Cash at bank and in hand
1,619
436
Creditors: amounts falling due within one year
(278,795)
(344,804)
Net current assets
494,066
470,882
Net assets
520,107
497,189
Called up share capital
8,950
8,950
Profit and loss account
510,107
487,189
Shareholders' funds
520,107
497,189
For the year ending 31 December 2016 the company was entitled to exemption from audit 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities.
Approved by the Board on 25 April 2017.
S N Robinson
Director
Company Registration No. 01943550
PHILLIPS-TUFTEX LIMITED
Notes to the Accounts
for the year ended 31 December 2016
PHILLIPS-TUFTEX LIMITED is a private company, limited by shares, registered in England and Wales, registration number 01943550. The registered office and principal place of business is Albion Builldings, Attleborough Road, Nuneaton, Warwickshire, CV11 4JJ, United Kingdom.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 December 2016 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 January 2016.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
20% per annum on reducing balance basis
Fixtures & fittings
15% reducing balance and 25% per annum on straight line basis
PHILLIPS-TUFTEX LIMITED
Notes to the Accounts
for the year ended 31 December 2016
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Tangible fixed assets
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 January 2016
6,500
172,507
179,007
Disposals
(6,500)
-
(6,500)
At 31 December 2016
6,500
172,507
179,007
At 1 January 2016
3,508
152,061
155,569
Charge for the year
542
3,067
3,609
On disposals
(3,508)
-
(3,508)
At 31 December 2016
542
155,128
155,670
At 31 December 2016
5,958
17,379
23,337
At 31 December 2015
2,992
20,446
23,438
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Investments
Other investments
Valuation at 1 January 2016
2,869
Fair value adjustments
(165)
Valuation at 31 December 2016
2,704
This relates to shares held in Aviva Plc stated at market value.
Finished goods
554,898
575,063
Trade debtors
178,222
196,134
Accrued income and prepayments
23,267
28,083
Other debtors
14,855
15,970
PHILLIPS-TUFTEX LIMITED
Notes to the Accounts
for the year ended 31 December 2016
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Creditors: amounts falling due within one year
2016
2015
Bank loans and overdrafts
79,272
173,061
Trade creditors
163,510
128,178
Amounts owed to group undertakings and other participating interests
12,091
18,555
Other taxes and social security costs
17,546
16,548
Loans from directors
1,996
1,229
Allotted, called up and fully paid:
8,950 Ordinary shares of £1 each
8,950
8,950
The ultimate parent company is Tuftex Properties Limited, a company registered in England and Wales
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Average number of employees
During the year the average number of employees was 18 (2015: 19).
