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Registered number: 05278591
PHOODS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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PHOODS LIMITED
REGISTERED NUMBER:05278591
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2017
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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Creditors: amounts falling due after more than one year
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PROVISIONS FOR LIABILITIES
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Page 1
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PHOODS LIMITED
REGISTERED NUMBER:05278591
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2017
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements 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.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 May 2018.
The notes on pages 3 to 10 form part of these financial statements.
Page 2
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
Phoods Limited is a private company limited by shares and is incorporated in England and Wales, registered office is at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD.
The principal activity of the company is that of the sale of disposables.
2.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Turnover is measured at the fair value of amounts receivable in respect of goods and services
provided in the year, net of trade discounts and excluding value added tax. The company recognises
revenue from goods when the goods are delivered to the customer.
Tangible fixed assets under the cost model are stated at historical cost less accumulated
depreciation and any accumulated impairment losses. Historical cost includes expenditure that is
directly attributable to bringing the asset to the location and condition necessary for it to be capable of
operating in the manner intended by management.
At each reporting date the company assesses whether there is any indication of impairment. If such
indication exists, the recoverable amount of the asset is determined which is the higher of its fair
value less costs to sell and its value in use. An impairment loss is recognised where the carrying
amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their
estimated useful lives.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted
prospectively if appropriate, or if there is an indication of a significant change since the last reporting
date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount
and are recognised in the Statement of Comprehensive Income.
Page 3
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
2.ACCOUNTING POLICIES (continued)
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Operating leases: the company as lessee
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Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term.
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
The company contributes to a defined contribution pension scheme and the pension charge
represents the amounts payable by the company to the fund in respect of the year.
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Basic financial instruments
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The company only enters into transactions that result in basic financial instruments such as trade and
other debtors, trade and other creditors, cash at bank and in hand, loans to/from related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction
price less attributable transaction costs. Trade creditors, other creditors and loans from related
parties are recognised initially at transaction price plus attributable transaction costs. Subsequently
they are measured at amortised cost using the effective interest method, less any impairment losses
in the case of trade and other debtors, and loans to related parties.
Interest bearing borrowings, such bank loans, classified as basic financial instruments are recognised
initially at the present value of future payments discounted at a maket rate of interest. Thereafter they are stated at amortised cost using the effective interest method.
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are
repayable on demand and form an integral part of the company's cash management.
Page 4
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
2.ACCOUNTING POLICIES (continued)
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Current and deferred taxation
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Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an
item of income and expense recognised as other comprehensive income or to an item recognised
directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been
enacted or substantively enacted by the balance sheet date.
Deferred tax balances are recognised in respect of all timing differences that have originated but not
reversed by the balance sheet date, except that:
1) The recognition of deferred tax assets is limited to the extent that it is probable that they will be
recovered against the reversal of deferred tax liabilities or other future taxable profits; and
2) Any deferred tax balances are reversed if and when all conditions for retaining associated tax
allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is
determined using tax rates and laws that have been enacted or substantively enacted by the balance
sheet date.
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Foreign currency translation
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The company's functional and presentational currency is £ sterling.
Foreign currency transactions are translated into the functional currency using the spot exchange
rates at the dates of the transactions. At each period end foreign currency monetary items are
translated using the closing rate. Non-monetary items measured at historical cost are translated
using the exchange rate at the date of the transaction and non-monetary items measured at fair
value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the
translation at period-end exchange rates of monetary assets and liabilities denominated in foreign
currencies are recognised in the profit and loss account.
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The average monthly number of employees, including directors, during the year was 21 (2016 -19).
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Page 5
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
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TAXATION ON (LOSS)/PROFIT ON ORDINARY ACTIVITIES
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FACTORS AFFECTING TAX CHARGE FOR THE YEAR
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The tax assessed for the year is higher than (2016 -the same as) the composite rate of corporation tax in the UK of 19.25% (2016 -20%). The differences are explained below:
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(Loss)/profit on ordinary activities before tax
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(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19.25% (2016 -20%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Capital allowances for year in excess of depreciation
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Adjustments to tax charge in respect of prior periods
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Other differences leading to an increase (decrease) in the tax charge
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TOTAL TAX CHARGE FOR THE YEAR
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FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
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There were no factors that may affect future tax charges.
Page 6
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
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Charge for the year on owned assets
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Raw materials and consumables
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Page 7
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
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DUE AFTER MORE THAN ONE YEAR
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Prepayments and accrued income
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Included in other debtors due after more than one year is a rent deposit amounting to £94,130 (2016- £4,645) which is secured by a rent deposit deed in respect of all amounts payable under the terms of a lease of the company's premise.
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CREDITORS: Amounts falling due within one year
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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CREDITORS: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Page 8
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
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Analysis of the maturity of loans is given below:
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AMOUNTS FALLING DUE WITHIN ONE YEAR
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AMOUNTS FALLING DUE 1-2 YEARS
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AMOUNTS FALLING DUE 2-5 YEARS
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HIRE PURCHASE AND FINANCE LEASES
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Minimum lease payments under hire purchase fall due as follows:
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Charged to profit or loss
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Page 9
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
12.DEFERRED TAXATION (CONTINUED)
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Page 10
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