Philbloke Limited 31/03/2018 iXBRL

Philbloke Limited 31/03/2018 iXBRL

PHILBLOKE LTD - Company Information

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Statement of consent to prepare abridged financial statements
All of the members of Philbloke Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the current year ending 31 March 2018 in accordance with Section 444(2A) of the Companies Act 2006.
Company registration number: 9485683
Philbloke Limited
Unaudited filleted abridged financial statements
31 March 2018
Philbloke Limited
Contents
Directors and other information
Abridged statement of financial position
Notes to the financial statements
Philbloke Limited
Directors and other information
Director Philip Giddings
Secretary Lucy Giddings
Company number 9485683
Registered office 97 Manor Grove
Richmond
Surrey
TW9 4QQ
Business address 97 Manor Grove
Richmond
Surrey
TW9 4QQ
Accountants Accounts Action (SE) Limited
Ground Floor, Southon House
Station Approach
Edenbridge
Kent
TN8 5LP
Philbloke Limited
Abridged statement of financial position
31st March 2018
2018 2017
Note £ £ £ £
Fixed assets
Intangible assets 5 7,350 8,400
Tangible assets 6 828 1,104
_______ _______
8,178 9,504
Current assets
Debtors 3,335 5,121
Cash at bank and in hand 503 1,180
_______ _______
3,838 6,301
Creditors: amounts falling due
within one year ( 8,446) ( 13,659)
_______ _______
Net current liabilities ( 4,608) ( 7,358)
_______ _______
Total assets less current liabilities 3,570 2,146
_______ _______
Net assets 3,570 2,146
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 3,470 2,046
_______ _______
Shareholders funds 3,570 2,146
_______ _______
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 November 2018 , and are signed on behalf of the board by:
Philip Giddings
Director
Company registration number: 9485683
Philbloke Limited
Notes to the financial statements
Year ended 31st March 2018
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 97 Manor Grove, Richmond, Surrey, TW9 4QQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2017: 1 ).
5. Intangible assets
£
Cost
At 1st April 2017 and 31st March 2018 10,500
_______ |
Amortisation
At 1st April 2017 2,100
Charge for the year 1,050
_______ |
At 31st March 2018 3,150
_______ |
Carrying amount
At 31st March 2018 7,350
_______ |
At 31st March 2017 8,400
_______ |
6. Tangible assets
£
Cost
At 1st April 2017 and 31st March 2018 1,819
_______
Depreciation
At 1st April 2017 715
Charge for the year 276
_______
At 31st March 2018 991
_______
Carrying amount
At 31st March 2018 828
_______
At 31st March 2017 1,104
_______
7. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2018
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Philip Giddings ( 4,177) 59,536 ( 55,624) ( 265)
_______ _______ _______ _______
2017
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Philip Giddings ( 3,000) 59,152 ( 60,329) ( 4,177)
_______ _______ _______ _______
8. Controlling party
The controlling and ultimate controlling party is Philip Giddings , the company's director, by virtue of his 75% shareholding.