Registered number
01573575
B.J. Phillips Limited
Unaudited Filleted Accounts
31 March 2023
B.J. Phillips Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of B.J. Phillips Limited for the year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of B.J. Phillips Limited for the year ended 31 March 2023 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity 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 Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
This report is made solely to the Board of Directors of B.J. Phillips 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 B.J. Phillips Limited and state those matters that we have agreed to state to the Board of Directors of B.J. Phillips 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 B.J. Phillips Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that B.J. Phillips 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 B.J. Phillips Limited. You consider that B.J. Phillips 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 B.J. Phillips 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.
Buckley Watson Limited
Chartered Accountants
57a Broadway
Leigh on Sea
Essex
SS9 1PE
13 October 2023
B.J. Phillips Limited
Registered number: 01573575
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 3,236 3,273
Current assets
Stocks 572,908 326,425
Debtors 4 8,728 8,392
Cash at bank and in hand 488,967 669,848
1,070,603 1,004,665
Creditors: amounts falling due within one year 5 (93,796) (33,451)
Net current assets 976,807 971,214
Net assets 980,043 974,487
Capital and reserves
Called up share capital 100 100
Profit and loss account 979,943 974,387
Shareholders' funds 980,043 974,487
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D Phillips
Director
Approved by the board on 13 October 2023
B.J. Phillips Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 25% Reducing Balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
Land and buildings Fixtures and Fittings Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 9,912 87,824 41,898 139,634
Additions - 1,041 - 1,041
At 31 March 2023 9,912 88,865 41,898 140,675
Depreciation
At 1 April 2022 9,912 84,551 41,898 136,361
Charge for the year - 1,078 - 1,078
At 31 March 2023 9,912 85,629 41,898 137,439
Net book value
At 31 March 2023 - 3,236 - 3,236
At 31 March 2022 - 3,273 - 3,273
4 Debtors 2023 2022
£ £
Other debtors 8,728 8,392
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 90,857 31,728
Other creditors 2,939 1,723
93,796 33,451
6 Other information
B.J. Phillips Limited is a private company limited by shares and incorporated in England. Its registered office is:
57a Broadway
Leigh on Sea
Essex
SS9 1PE
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