H. J. PHILLIPS & SON LIMITED - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 01624533 (England and Wales)

Financial Statements for the Year Ended 30 November 2017

for

H. J. PHILLIPS & SON LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs J G Phillips

Mrs N L Phillips-Taylor

SECRETARY:

Mrs J G Phillips

REGISTERED OFFICE:

Yspitty Road

Bynea

Llanelli

Carmarthenshire

SA14 9TD

REGISTERED NUMBER:

01624533 (England and Wales)

AUDITORS:

Cambrian & Co Ltd

13A Victoria Gardens

Neath

West Glamorgan

SA11 3AY

FIXED ASSETS

Tangible assets

4

293,322

321,381

CURRENT ASSETS

Stocks

280,321

420,690

Debtors

5

357,696

331,400

Cash at bank

46,212

118,137

684,229

870,227

CREDITORS

Amounts falling due within one year

6

460,950

663,300

NET CURRENT ASSETS

223,279

206,927

TOTAL ASSETS LESS CURRENT LIABILITIES

516,601

528,308

PROVISIONS FOR LIABILITIES

2,046

2,688

NET ASSETS

514,555

525,620

CAPITAL AND RESERVES

Called up share capital

16,965

16,965

Retained earnings

497,590

508,655

SHAREHOLDERS' FUNDS

514,555

525,620

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 Board of Directors on 11 July 2018 and were signed on its behalf by:

Mrs N L Phillips-Taylor - Director

1.	STATUTORY INFORMATION

H. J. PHILLIPS & SON 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

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 30 November 2017 are the first that are prepared in

accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance

with UK GAAP, the date of transition to FRS 102 Section 1A is 1 December 2015.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on cost and 15% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

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 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.

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 35 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST

At 1 December 2016

447,998

650,347

57,197

1,155,542

Additions

550

17,050

1,000

18,600

At 30 November 2017

448,548

667,397

58,197

1,174,142

DEPRECIATION

At 1 December 2016

160,756

627,869

45,536

834,161

Charge for year

22,427

21,676

2,556

46,659

At 30 November 2017

183,183

649,545

48,092

880,820

NET BOOK VALUE

At 30 November 2017

265,365

17,852

10,105

293,322

At 30 November 2016

287,242

22,478

11,661

321,381

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.17

30.11.16

£

£

Trade debtors

185,237

164,679

Other debtors

149,887

152,750

Prepayments and accrued income

22,572

13,971

357,696

331,400

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.17

30.11.16

£

£

Bank loans and overdrafts

32,161

35,161

Hire purchase contracts

2,604

8,854

Trade creditors

314,846

484,003

Tax

3,210

6,572

Social security and other taxes

16,298

16,469

VAT

53,548

37,021

Stocking loans

17,437

54,598

Accrued expenses

20,846

20,622

460,950

663,300

7.	SECURED DEBTS

The following secured debts are included within creditors:

30.11.17

30.11.16

£

£

Bank loans

32,161

35,161

Hire purchase contracts

2,604

8,854

34,765

44,015

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Dylan Jones (Senior Statutory Auditor)

for and on behalf of Cambrian & Co Ltd

9.	RELATED PARTY DISCLOSURES

Other Debtors includes an amount of £16,378 (2016 £15,748) relating to a loan to S Phillips a close

member of the directors' family. This loan is subject to interest at the official rate and due for

repayment within the next 12 months.

Included in trade debtors is an amount of £916 (2016 £413) owed by S Phillips a close member of the

directors family.

Other Debtors includes an amount of £100,000 (2016 £100,000) relating to an investment made by the

company on 8th November 2007 with Canada Life. The investment, a single life flexible investment

bond where the life assured is director Nicola Phillips-Taylor, has incorrectly shown her as the

policyholder instead of the company. As confirmed by the solicitors acting, steps are now being taken

to correct this but at the balance sheet date the policyholder was director Nicola Phillips-Taylor. The

correct accounting treatment is therefore a debtor.

The Directors operate a current account with the company, the balance at the end of the year was

£Nil.

During the year the director Mrs J Phillips was paid £39,000 (2016 £39,000) for rent of the building.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Mrs J G Phillips.

The ultimate controlling party is Mrs J G Phillips by virtue of her 51% shareholding.