Phillips Decorators Limited - Accounts to registrar - small 17.1

REGISTERED NUMBER: 02914520 (England and Wales)

Unaudited Financial Statements for the Year Ended 28 February 2017

for

Phillips Decorators Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Report of the Accountants

7

DIRECTOR:

D Phillips

SECRETARY:

Mrs D Phillips

REGISTERED OFFICE:

24 Picton House

Hussar Court

Waterlooville

Hampshire

PO7 7SQ

REGISTERED NUMBER:

02914520 (England and Wales)

ACCOUNTANTS:

Johnston Wood Roach Limited

24 Picton House

Hussar Court

Waterlooville

Hampshire

PO7 7SQ

FIXED ASSETS

Tangible assets

4

3,123

4,147

CURRENT ASSETS

Stocks

1,861

-

Debtors

5

258,149

333,398

Cash at bank and in hand

21,005

15,695

281,015

349,093

CREDITORS

Amounts falling due within one year

6

243,988

313,420

NET CURRENT ASSETS

37,027

35,673

TOTAL ASSETS LESS CURRENT LIABILITIES

40,150

39,820

CAPITAL AND RESERVES

Called up share capital

7

1,002

1,002

Retained earnings

8

39,148

38,818

SHAREHOLDERS' FUNDS

40,150

39,820

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 2 August 2017 and were signed by:

D Phillips - Director

1.	STATUTORY INFORMATION

Phillips Decorators Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The company has taken advantage of the following disclosure exemptions in preparing these financial

statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland":

- the requirements of Section 7 Statement of Cash Flows - Presentation of a Statement of Cash Flow and related

notes and disclosures;

- the requirements of Section 11 'Basic Financial Instruments' & Section 12 'Other Financial Instrument Issues' -

Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis

of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value

changes recognised in the profit or loss and in other comprehensive income.

- Section 33 'Related Party Disclosures' - Compensation for key management personnel.

First time adoption of FRS 102

These financial statements are the first financial statements of Phillips Decorators Limited prepared in

accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and

Republic of Ireland' (FRS 102). The financial statements of Phillips Decorators Limited for the year ended 28

February 2016 were prepared in accordance with previous UK GAAP.

Some of the FRS 102 recognition, measurement, presentation and disclosure requirements and accounting policy

choices differ from previous UK GAAP. Consequently, the directors have amended certain accounting policies

to comply with FRS 102. The directors have also taken advantage of certain exemptions from the requirements

of FRS 102 permitted by FRS 102 Chapter 35 'Transition to this FRS'.

Comparative figures have been restated to reflect the adjustments made, except to the extent that the directors

have taken advantage of exemptions to retrospective application of FRS 102 permitted by FRS 102 Chapter 35

'Transition to this FRS'. Adjustments are recognised directly in equity within the cumulative profit and loss

account at the transition date.

Monetary amounts in these financial statements are rounded to the nearest whole £1, except where otherwise

indicated.

Turnover

Turnover represents net invoiced sales of services, 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.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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 profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 29 February 2016

and 28 February 2017

425

4,750

24,221

10,273

39,669

DEPRECIATION

At 29 February 2016

236

4,456

20,997

9,833

35,522

Charge for year

29

44

806

145

1,024

At 28 February 2017

265

4,500

21,803

9,978

36,546

NET BOOK VALUE

At 28 February 2017

160

250

2,418

295

3,123

At 28 February 2016

189

294

3,224

440

4,147

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.17

28.2.16

£

£

Trade debtors

175,787

247,386

Amounts owed by group undertakings

65,411

65,411

Other debtors

16,951

20,601

258,149

333,398

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.17

28.2.16

£

£

Payments on account

-

13,568

Trade creditors

34,633

49,760

Amounts owed to group undertakings

105,871

176,871

Taxation and social security

80,817

57,451

Other creditors

22,667

15,770

243,988

313,420

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.17

28.2.16

value:

£

£

1

B

£1

1

1

1

'C'

£1

1

1

2

2

Allotted and issued:

Number:

Class:

Nominal

28.2.17

28.2.16

value:

£

£

1,000

Share capital 1

£1

1,000

1,000

8.

RESERVES

Retained

earnings

£

At 29 February 2016

38,818

Profit for the year

149,155

Dividends

(148,825

)

At 28 February 2017

39,148

9.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.

10.	FIRST YEAR ADOPTION

The company transitioned to FRS 102 from previously extant UK GAAP as at 1 March 2016.

There has been no impact on the equity of the company or the profit previously reported as a result of the

transition.

The following reproduces the text of the report prepared for the director and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 28 February 2017 set out on pages to and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Johnston Wood Roach Limited

24 Picton House

Hussar Court

Waterlooville

Hampshire

PO7 7SQ

Date: .............................................