Phat Retail Limited - Period Ending 2018-01-31
Phat Retail Limited - Period Ending 2018-01-31
Registration number:
Phat Retail Limited
for the Year Ended 31 January 2018
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Phat Retail Limited
for the Year Ended 31 January 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Phat Retail Limited for the year ended 31 January 2018 as set out on pages 2 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Phat Retail Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Phat Retail Limited and state those matters that we have agreed to state to the Board of Directors of Phat Retail Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Phat Retail Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Phat Retail Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Phat Retail Limited. You consider that Phat Retail Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Phat Retail Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Chartered Accountants
204 London Road
Waterlooville
Hampshire
PO7 7AN
Phat Retail Limited
(Registration number: 07493376)
Balance Sheet as at 31 January 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
|
- |
|
Current assets |
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Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
- |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
For the financial year ending 31 January 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 2 |
Phat Retail Limited
(Registration number: 07493376)
Balance Sheet as at 31 January 2018
Approved and authorised by the
.........................................
Director
Page 3 |
Phat Retail Limited
Notes to the Financial Statements for the Year Ended 31 January 2018
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
The principal place of business is:
3 Leys View
Sherington
Newport Pagnell
Bucks
MK16 9NL
England
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Page 4 |
Phat Retail Limited
Notes to the Financial Statements for the Year Ended 31 January 2018
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
50% straight line |
Fixtures and fittings |
50% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 5 |
Phat Retail Limited
Notes to the Financial Statements for the Year Ended 31 January 2018
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2018 |
2017 |
|
Administration and support |
|
|
Page 6 |
Phat Retail Limited
Notes to the Financial Statements for the Year Ended 31 January 2018
Tangible assets |
Furniture, fittings and equipment |
Other tangible assets |
Total |
|
Cost or valuation |
|||
At 1 February 2017 |
|
|
|
Additions |
|
|
|
At 31 January 2018 |
|
|
|
Depreciation |
|||
At 1 February 2017 |
|
|
|
Charge for the year |
|
|
|
At 31 January 2018 |
|
|
|
Carrying amount |
|||
At 31 January 2018 |
|
|
|
Debtors |
2018 |
2017 |
|
Trade debtors |
|
|
Prepayments |
( |
|
Other debtors |
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Page 7 |
Phat Retail Limited
Notes to the Financial Statements for the Year Ended 31 January 2018
Creditors |
Creditors: amounts falling due within one year
2018 |
2017 |
|
Due within one year |
||
Trade creditors |
|
|
Taxation and social security |
( |
( |
Accruals and deferred income |
|
|
Other creditors |
|
|
|
|
Dividends |
Final dividends paid
2018 |
2017 |
|
Final dividend of £ |
|
|
Interim dividends paid
2018 |
2017 |
|
Interim dividend of £ |
- |
|
Page 8 |
Phat Retail Limited
Notes to the Financial Statements for the Year Ended 31 January 2018
Loans and borrowings |
2018 |
2017 |
|
Current loans and borrowings |
Related party transactions |
Transactions with directors |
2018 |
At 1 February 2017 |
Repayments by director |
At 31 January 2018 |
P J Clark |
|||
Directors loan account |
17,250 |
( |
|
L J Clark |
|||
Directors loan account |
17,250 |
( |
|
2017 |
At 1 February 2016 |
Repayments by director |
At 31 January 2017 |
P J Clark |
|||
Directors loan account |
21,004 |
( |
|
L J Clark |
|||
Directors loan account |
21,004 |
( |
|
Dividends paid to directors |
Page 9 |
Phat Retail Limited
Notes to the Financial Statements for the Year Ended 31 January 2018
2018 |
2017 |
|||
P J Clark |
||||
Interim |
- |
5,000 |
||
Final |
50,000 |
27,500 |
||
50,000 |
32,500 |
|||
L J Clark |
||||
Interim |
- |
5,000 |
||
Final |
50,000 |
27,500 |
||
50,000 |
32,500 |
|||
Other transactions with directors |
The above directors loan account is undated, unsecured, interest free and repayable on demand.
Summary of transactions with other related parties
During the year a management charge of £20,000 (2017 - £30,000) was paid to Phat Pasties Limited.
Loans from related parties
2018 |
Other related parties |
At start of period |
|
2017 |
Other related parties |
At start of period |
|
Repaid |
( |
At end of period |
|
Terms of loans from related parties
Page 10 |
Phat Retail Limited
Notes to the Financial Statements for the Year Ended 31 January 2018
Transition to FRS 102 |
There were no material adjustments required on transition to FRS102 and as such it has not been necessary to restate prior year comparatives following the implementation of FRS102.
Page 11 |