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REGISTERED NUMBER: 01980432 (England and Wales)

















PHILLIPS PRECISION PHOTOGRAPHY LTD
TRADING AS
PHILLIPS DIGITAL SERVICES

ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28TH FEBRUARY 2018






PHILLIPS PRECISION PHOTOGRAPHY LTD (REGISTERED NUMBER: 01980432)
TRADING AS PHILLIPS DIGITAL SERVICES






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2018




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4

Certified Accountants' Report 9

PHILLIPS PRECISION PHOTOGRAPHY LTD
TRADING AS PHILLIPS DIGITAL SERVICES

COMPANY INFORMATION
FOR THE YEAR ENDED 28TH FEBRUARY 2018







DIRECTORS: Mr M D Phillips
Mr M P Phillips





SECRETARY: Mrs C J Phillips





REGISTERED OFFICE: 71 Knowl Piece
Wilbury Way
Hitchin
Herts
SG4 0TY





REGISTERED NUMBER: 01980432 (England and Wales)





ACCOUNTANTS: Jones Hunt
Chartered Certified Accountants and
Chartered Tax Advisers
71 Knowl Piece
Wilbury Way
Hitchin
Herts
SG4 0TY

PHILLIPS PRECISION PHOTOGRAPHY LTD (REGISTERED NUMBER: 01980432)
TRADING AS PHILLIPS DIGITAL SERVICES

ABRIDGED BALANCE SHEET
28TH FEBRUARY 2018

2018 2017
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 213,241 228,514

CURRENT ASSETS
Stocks 9,329 9,475
Debtors 141,332 125,623
Cash at bank and in hand 71,032 59,175
221,693 194,273
CREDITORS
Amounts falling due within one year 141,184 129,985
NET CURRENT ASSETS 80,509 64,288
TOTAL ASSETS LESS CURRENT LIABILITIES 293,750 292,802

CREDITORS
Amounts falling due after more than one year (114,179 ) (136,103 )

PROVISIONS FOR LIABILITIES 6 (5,775 ) (6,783 )
NET ASSETS 173,796 149,916

CAPITAL AND RESERVES
Called up share capital 7 150 150
Retained earnings 8 173,646 149,766
SHAREHOLDERS' FUNDS 173,796 149,916

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

PHILLIPS PRECISION PHOTOGRAPHY LTD (REGISTERED NUMBER: 01980432)
TRADING AS PHILLIPS DIGITAL SERVICES

ABRIDGED BALANCE SHEET - continued
28TH FEBRUARY 2018


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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 28th February 2018 in accordance with Section 444(2A) of the Companies Act 2006.

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 24th October 2018 and were signed on its behalf by:





Mr M D Phillips - Director


PHILLIPS PRECISION PHOTOGRAPHY LTD (REGISTERED NUMBER: 01980432)
TRADING AS PHILLIPS DIGITAL SERVICES

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2018

1. STATUTORY INFORMATION

Phillips Precision Photography Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - 2% on cost
Plant and machinery - 25% on reducing balance
Office equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange
differences are taken into account in arriving at the operating result.

PHILLIPS PRECISION PHOTOGRAPHY LTD (REGISTERED NUMBER: 01980432)
TRADING AS PHILLIPS DIGITAL SERVICES

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2018

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase
contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful
lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments
is treated as a liability.

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 defined contribution pension schemes. The assets of the schemes are held separately from those of the company
in independently administered funds. Contributions payable for the year are charged in the profit and loss account


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2017 - 10 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st March 2017 734,544
Additions 21,285
Disposals (27,993 )
At 28th February 2018 727,836
DEPRECIATION
At 1st March 2017 506,030
Charge for year 22,540
Eliminated on disposal (13,975 )
At 28th February 2018 514,595
NET BOOK VALUE
At 28th February 2018 213,241
At 28th February 2017 228,514

Included in long leasehold is land of £46,666 (2017 - £46,666) which is not depreciated.

PHILLIPS PRECISION PHOTOGRAPHY LTD (REGISTERED NUMBER: 01980432)
TRADING AS PHILLIPS DIGITAL SERVICES

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2018

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1st March 2017 53,709
Transfer to ownership (13,710 )
At 28th February 2018 39,999
DEPRECIATION
At 1st March 2017 26,390
Charge for year 4,688
Transfer to ownership (5,141 )
At 28th February 2018 25,937
NET BOOK VALUE
At 28th February 2018 14,062
At 28th February 2017 27,319

5. SECURED DEBTS

The following secured debts are included within creditors:

2018 2017
£    £   
Bank loans 121,227 140,000
Hire purchase contracts 3,749 20,401
124,976 160,401

6. PROVISIONS FOR LIABILITIES
2018 2017
£    £   
Deferred tax 5,775 6,783

Deferred
tax
£   
Balance at 1st March 2017 6,783
Accelerated capital allowances (1,008 )
Balance at 28th February 2018 5,775

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2018 2017
value: £    £   
150 Ordinary £1 150 150

PHILLIPS PRECISION PHOTOGRAPHY LTD (REGISTERED NUMBER: 01980432)
TRADING AS PHILLIPS DIGITAL SERVICES

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2018

8. RESERVES
Retained
earnings
£   

At 1st March 2017 149,766
Profit for the year 112,880
Dividends (89,000 )
At 28th February 2018 173,646

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28th February 2018 and 28th February 2017:

2018 2017
£    £   
Mr M D Phillips and Mr M P Phillips
Balance outstanding at start of year (41 ) (1,711 )
Amounts advanced 88,855 75,670
Amounts repaid (89,000 ) (74,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (186 ) (41 )

Personal guarantees have been given by the directors to the company's bankers in respect of bank loan facilities.

10. RELATED PARTY DISCLOSURES

During the year, total dividends of £44,500 (2017 - £37,000) were paid to the directors .

Phillips Precision Photography Limited - Self Administered Scheme

A Pension scheme in which MD Phillips & MP Phillips are trustees


During the year the company paid rent of £nil (2017: £12,000).

Mr M D Phillips
Company Director


No interest is payable on the loan and there are no agreed repayments terms.

Dividends amounting to £35,600 (2017 - £29,600) were paid during the year.

Dividends paid to a close family member amounted to £35,600 (2017 - £29,600)

Mr M P Phillips
Company Director


No interest is payable on the loan and there are no agreed repayments terms.

Dividends amounting to £8,900 (2017 - £7,400) were paid during the year.

Dividends paid to a close family member amounted to £8,900 (2017 - £7,400).

PHILLIPS PRECISION PHOTOGRAPHY LTD (REGISTERED NUMBER: 01980432)
TRADING AS PHILLIPS DIGITAL SERVICES

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2018

11. ULTIMATE CONTROLLING PARTY

The controlling party is Mr M D Phillips.

CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
PHILLIPS PRECISION PHOTOGRAPHY LTD (REGISTERED NUMBER: 01980432)

The following reproduces the text of the report prepared for the directors 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 Abridged Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the
Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Phillips
Precision Photography Ltd for the year ended 28th February 2018 which comprise the Abridged Income Statement, Abridged Balance Sheet and
the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Phillips Precision Photography Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Phillips Precision Photography Ltd and state those matters that we have agreed to state to the Board of Directors of Phillips Precision Photography Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Phillips Precision Photography Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Phillips Precision Photography Ltd. You consider that Phillips Precision Photography Ltd 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 financial statements of Phillips Precision Photography Ltd. 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 financial statements.






Jones Hunt
Chartered Certified Accountants and
Chartered Tax Advisers
71 Knowl Piece
Wilbury Way
Hitchin
Herts
SG4 0TY


24th October 2018