Phil Holden Fasteners Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 01551536 (England and Wales)

PHIL HOLDEN FASTENERS LIMITED

Abbreviated Accounts

for the Year Ended 31 August 2016

Page

Abbreviated Balance Sheet

1

to

2

Notes to the Abbreviated Accounts

3

to

4

FIXED ASSETS

Tangible assets

2

246,774

220,375

CURRENT ASSETS

Stocks

1,485,870

1,363,479

Debtors

1,263,981

1,460,666

Cash at bank

158,357

33,299

2,908,208

2,857,444

CREDITORS

Amounts falling due within one year

3

1,976,061

1,932,801

NET CURRENT ASSETS

932,147

924,643

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,178,921

1,145,018

CREDITORS

Amounts falling due after more than one
year

(19,988

)

-

PROVISIONS FOR LIABILITIES

(20,048

)

(13,215

)

NET ASSETS

1,138,885

1,131,803

CAPITAL AND RESERVES

Share capital

4

25,000

Profit and loss account

1,113,885

1,106,803

SHAREHOLDERS' FUNDS

1,138,885

1,131,803

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 24 April 2017 and were signed on its
behalf by:

G W Stanhope - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements 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 net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold Property- 2% per annum of cost (excluding land cost £34,245)

Plant & Equipment- 15 % reducing balance (Computers- 33% per annum of cost)

Stocks

Stocks have been valued at the lower of cost and net realisable value.

Cost is determined on a first in, first out basis. The cost of finished goods comprises materials and

attributable direct costs. Net realisable value is based on estimated selling price after taking into

account all further costs to be incurred on completion and disposal.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date where transactions or events have occurred at that date that will result in an

obligation to pay more, or a right to pay less or to receive more, tax, with the following exceptions:

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely

than not that there will be suitable taxable profits from which the future reversal of the underlying

timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the

periods in which timing difference reverse, based on tax rates and laws enacted or substantively

enacted at the balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

Hire purchase agreements

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets

at their fair value. The capital element of the future payments is treated as a liability and the interest is

charged to the profit and loss account on a straight line basis.

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 the profit and loss account in the period to which they

relate.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership

remain with the lessor are charged against profits on a straight line basis over the period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

617,997

Additions

76,071

Disposals

(3,600

)

At 31 August 2016

690,468

DEPRECIATION

At 1 September 2015

397,622

Charge for year

49,671

Eliminated on disposal

(3,599

)

At 31 August 2016

443,694

NET BOOK VALUE

At 31 August 2016

246,774

At 31 August 2015

220,375

3.

CREDITORS

Creditors include an amount of £ 1,124,975 (2015 - £ 810,163 ) for which security has been given.

4.	SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2016

2015

value:

£

22,500

Ordinary

£1

22,500

2,500

A Ordinary

£1

2,500

25,000