Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-312021-01-01falseNo description of principal activity2119falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05278591 2021-01-01 2021-12-31 05278591 2020-01-01 2020-12-31 05278591 2021-12-31 05278591 2020-12-31 05278591 c:Director2 2021-01-01 2021-12-31 05278591 d:PlantMachinery 2021-01-01 2021-12-31 05278591 d:PlantMachinery 2021-12-31 05278591 d:PlantMachinery 2020-12-31 05278591 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 05278591 d:MotorVehicles 2021-01-01 2021-12-31 05278591 d:MotorVehicles 2021-12-31 05278591 d:MotorVehicles 2020-12-31 05278591 d:MotorVehicles d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 05278591 d:FurnitureFittings 2021-01-01 2021-12-31 05278591 d:FurnitureFittings 2021-12-31 05278591 d:FurnitureFittings 2020-12-31 05278591 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 05278591 d:OfficeEquipment 2021-01-01 2021-12-31 05278591 d:OfficeEquipment 2021-12-31 05278591 d:OfficeEquipment 2020-12-31 05278591 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 05278591 d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 05278591 d:CurrentFinancialInstruments 2021-12-31 05278591 d:CurrentFinancialInstruments 2020-12-31 05278591 d:Non-currentFinancialInstruments 2021-12-31 05278591 d:Non-currentFinancialInstruments 2020-12-31 05278591 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 05278591 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 05278591 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 05278591 d:Non-currentFinancialInstruments d:AfterOneYear 2020-12-31 05278591 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-12-31 05278591 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2020-12-31 05278591 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-12-31 05278591 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2020-12-31 05278591 d:ShareCapital 2021-12-31 05278591 d:ShareCapital 2020-12-31 05278591 d:SharePremium 2021-12-31 05278591 d:SharePremium 2020-12-31 05278591 d:RetainedEarningsAccumulatedLosses 2021-12-31 05278591 d:RetainedEarningsAccumulatedLosses 2020-12-31 05278591 c:FRS102 2021-01-01 2021-12-31 05278591 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 05278591 c:FullAccounts 2021-01-01 2021-12-31 05278591 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 05278591 d:HirePurchaseContracts d:WithinOneYear 2021-12-31 05278591 d:HirePurchaseContracts d:WithinOneYear 2020-12-31 05278591 d:AcceleratedTaxDepreciationDeferredTax 2021-12-31 05278591 d:AcceleratedTaxDepreciationDeferredTax 2020-12-31 iso4217:GBP xbrli:pure

Registered number: 05278591














 
PHOODS LIMITED
UNAUDITED
FINANCIAL STATEMENTS

FOR THE YEAR ENDED 

 
PHOODS LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 9


 
PHOODS LIMITED
REGISTERED NUMBER:05278591

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 4 
90,952
77,008

Current assets
  

Stocks
 5 
1,424,352
1,079,839

Debtors
 6 
1,251,548
1,022,157

Cash at bank and in hand
  
398,207
381,747

  
3,074,107
2,483,743

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(1,610,690)
(1,316,979)

Net current assets
  
 
 
1,463,417
 
 
1,166,764

Total assets less current liabilities
  
1,554,369
1,243,772

Creditors: amounts falling due after more than one year
 8 
(347,409)
(472,259)

Provisions for liabilities
  

Deferred tax
  
(17,281)
(14,632)

Net assets
  
1,189,679
756,881


Capital and reserves
  

Called up share capital 
  
346,452
346,452

Share premium account
  
12,915
12,915

Profit and loss account
  
830,312
397,514

  
1,189,679
756,881


Page 1

 
PHOODS LIMITED
REGISTERED NUMBER:05278591
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2021

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 the 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 29 July 2022.



D E Kaye
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
PHOODS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

Phoods Limited is a limited liability company registered in England and Wales. Its registered office address is at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire WD6 1JD.
The principal activity of the company during the year was that of the sale of disposables.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Turnover

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.

 
2.3

Tangible fixed assets

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:

Plant and machinery
-
25%
Straight-line method
Motor vehicles
-
25%
Straight-line method
Fixtures and fittings
-
25%
Straight-line method
Office equipment
-
25%
Straight-line method

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

 
PHOODS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

 
2.5

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

 
2.6

Pensions

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.

 
2.7

Basic financial instruments

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 market 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

 
PHOODS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

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.

 
2.9

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.10

Foreign currency translation

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 21 (2020 -19).

Page 5

 
PHOODS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2021
97,668
60,339
91,229
14,753
263,989


Additions
-
28,000
30,305
5,073
63,378


Disposals
(437)
(5,494)
(196)
(10,322)
(16,449)



At 31 December 2021

97,231
82,845
121,338
9,504
310,918



Depreciation


At 1 January 2021
78,364
23,509
71,220
13,888
186,981


Charge for the year on owned assets
19,304
14,878
14,148
1,006
49,336


Disposals
(437)
(5,396)
(196)
(10,322)
(16,351)



At 31 December 2021

97,231
32,991
85,172
4,572
219,966



Net book value



At 31 December 2021
-
49,854
36,166
4,932
90,952



At 31 December 2020
19,304
36,830
20,009
865
77,008


5.


Stocks

2021
2020
£
£

Raw materials and consumables
1,424,352
1,079,839


Page 6

 
PHOODS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

6.


Debtors


2021
2020
£
£

Due after more than one year

Rent deposit
89,485
89,485

Due within one year

Trade debtors
1,118,661
878,392

Other debtors
35,443
54,280

Prepayments and accrued income
7,959
-

1,251,548
1,022,157



7.


Creditors: Amounts falling due within one year

2021
2020
£
£

Bank loans
356,624
348,960

Other loans
49,929
87,947

Trade creditors
629,154
404,379

Other taxation and social security
296,908
227,383

Obligations under finance lease and hire purchase contracts
-
9,707

Other creditors
34,680
27,767

Accruals and deferred income
243,395
210,836

1,610,690
1,316,979



8.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Bank loans
34,167
44,167

Other loans
313,242
428,092

347,409
472,259


Page 7

 
PHOODS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

9.


Loans


Analysis of the maturity of loans is given below:


2021
2020
£
£

Amounts falling due within one year

Bank loans
356,624
348,960

Other loans
49,929
87,947


406,553
436,907

Amounts falling due 1-2 years

Other loans
-
41,986


-
41,986

Amounts falling due 2-5 years

Bank loans
34,167
44,167

Other loans
313,242
386,107


347,409
430,274

753,962
909,167



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2021
2020
£
£


Within one year
-
9,807

Page 8

 
PHOODS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

11.


Deferred taxation




2021


£






At beginning of year
(14,632)


Charged to profit or loss
(2,649)



At end of year
(17,281)

The provision for deferred taxation is made up as follows:

2021
2020
£
£


Accelerated capital allowances
(17,281)
(14,632)


12.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £1,259 (2020 - £149).

 
Page 9