IRIS Accounts Production v23.3.1.45 01980432 Board of Directors 1.3.22 28.2.23 28.2.23 false true false false true false Ordinary 1.00000 947 16043 36729 34010 36000 51000 218 947 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure019804322022-02-28019804322023-02-28019804322022-03-012023-02-28019804322021-02-28019804322021-03-012022-02-28019804322022-02-2801980432ns16:EnglandWales2022-03-012023-02-2801980432ns15:PoundSterling2022-03-012023-02-2801980432ns11:Director12022-03-012023-02-2801980432ns11:PrivateLimitedCompanyLtd2022-03-012023-02-2801980432ns11:SmallEntities2022-03-012023-02-2801980432ns11:AuditExempt-NoAccountantsReport2022-03-012023-02-2801980432ns11:SmallCompaniesRegimeForDirectorsReport2022-03-012023-02-2801980432ns11:SmallCompaniesRegimeForAccounts2022-03-012023-02-2801980432ns11:FullAccounts2022-03-012023-02-2801980432ns11:OrdinaryShareClass12022-03-012023-02-280198043242ns11:Director22022-02-280198043242ns11:Director22021-02-280198043242ns11:Director22022-03-012023-02-280198043242ns11:Director22021-03-012022-02-280198043242ns11:Director22023-02-280198043242ns11:Director22022-02-2801980432ns6:CurrentFinancialInstruments2023-02-2801980432ns6:CurrentFinancialInstruments2022-02-2801980432ns6:Non-currentFinancialInstruments2023-02-2801980432ns6:Non-currentFinancialInstruments2022-02-2801980432ns6:ShareCapital2023-02-2801980432ns6:ShareCapital2022-02-2801980432ns6:RetainedEarningsAccumulatedLosses2023-02-2801980432ns6:RetainedEarningsAccumulatedLosses2022-02-2801980432ns11:RegisteredOffice2022-03-012023-02-2801980432ns6:LongLeaseholdAssetsns6:LandBuildings2022-03-012023-02-2801980432ns6:PlantMachinery2022-03-012023-02-2801980432ns6:FurnitureFittings2022-03-012023-02-2801980432ns6:MotorVehicles2022-03-012023-02-2801980432ns6:LongLeaseholdAssetsns6:LandBuildings2022-02-2801980432ns6:PlantMachinery2022-02-2801980432ns6:FurnitureFittings2022-02-2801980432ns6:MotorVehicles2022-02-2801980432ns6:LongLeaseholdAssetsns6:LandBuildings2023-02-2801980432ns6:PlantMachinery2023-02-2801980432ns6:FurnitureFittings2023-02-2801980432ns6:MotorVehicles2023-02-2801980432ns6:LongLeaseholdAssetsns6:LandBuildings2022-02-2801980432ns6:PlantMachinery2022-02-2801980432ns6:FurnitureFittings2022-02-2801980432ns6:MotorVehicles2022-02-2801980432ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2022-02-2801980432ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2022-03-012023-02-2801980432ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2023-02-2801980432ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2022-02-2801980432ns6:WithinOneYearns6:CurrentFinancialInstruments2023-02-2801980432ns6:WithinOneYearns6:CurrentFinancialInstruments2022-02-2801980432ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2023-02-2801980432ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2022-02-2801980432ns6:Secured2023-02-2801980432ns6:Secured2022-02-2801980432ns6:DeferredTaxation2022-02-2801980432ns6:DeferredTaxation2023-02-2801980432ns11:OrdinaryShareClass12023-02-2801980432ns11:Director22022-03-012023-02-2801980432ns11:Director112022-02-2801980432ns11:Director112021-02-2801980432ns11:Director112022-03-012023-02-2801980432ns11:Director112021-03-012022-02-2801980432ns11:Director112023-02-2801980432ns11:Director112022-02-28
REGISTERED NUMBER: 01980432 (England and Wales)

















PHILLIPS PRECISION PHOTOGRAPHY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023






PHILLIPS PRECISION PHOTOGRAPHY LIMITED (REGISTERED NUMBER: 01980432)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023




Page

Balance Sheet 1

Notes to the Financial Statements 2


PHILLIPS PRECISION PHOTOGRAPHY LIMITED (REGISTERED NUMBER: 01980432)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 165,184 175,195

CURRENT ASSETS
Stocks 5 7,502 7,027
Debtors 6 100,619 86,445
Cash at bank and in hand 129,388 156,426
237,509 249,898
CREDITORS
Amounts falling due within one year 7 101,021 116,948
NET CURRENT ASSETS 136,488 132,950
TOTAL ASSETS LESS CURRENT
LIABILITIES

301,672

308,145

CREDITORS
Amounts falling due after more than one year 8 (37,901 ) (41,584 )

PROVISIONS FOR LIABILITIES 10 (2,321 ) (3,641 )
NET ASSETS 261,450 262,920

CAPITAL AND RESERVES
Called up share capital 11 150 150
Retained earnings 261,300 262,770
SHAREHOLDERS' FUNDS 261,450 262,920

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 November 2023 and were signed on its behalf by:





Mr M D Phillips - Director


PHILLIPS PRECISION PHOTOGRAPHY LIMITED (REGISTERED NUMBER: 01980432)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

Phillips Precision Photography Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01980432

Registered office: 71 Knowl Piece
Wilbury Way
Hitchin
Hertfordshire
SG4 0TY

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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty.

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.

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


PHILLIPS PRECISION PHOTOGRAPHY LIMITED (REGISTERED NUMBER: 01980432)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

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 7 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Long Plant and Office Motor
leasehold machinery equipment vehicles Totals
£    £    £    £    £   
COST
At 1 March 2022 145,540 492,273 4,599 13,656 656,068
Additions - 1,066 624 - 1,690
At 28 February 2023 145,540 493,339 5,223 13,656 657,758
DEPRECIATION
At 1 March 2022 9,335 458,972 2,549 10,017 480,873
Charge for year 1,867 8,529 395 910 11,701
At 28 February 2023 11,202 467,501 2,944 10,927 492,574
NET BOOK VALUE
At 28 February 2023 134,338 25,838 2,279 2,729 165,184
At 28 February 2022 136,205 33,301 2,050 3,639 175,195

Included in long leasehold is land of £46,666 (2018 - £46,666) which is not depreciated.

PHILLIPS PRECISION PHOTOGRAPHY LIMITED (REGISTERED NUMBER: 01980432)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 March 2022
and 28 February 2023 29,300
DEPRECIATION
At 1 March 2022 13,849
Charge for year 3,863
At 28 February 2023 17,712
NET BOOK VALUE
At 28 February 2023 11,588
At 28 February 2022 15,451

5. STOCKS
2023 2022
£    £   
Raw materials & consumables 7,502 7,027

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 100,309 85,892
Other debtors and prepayments 310 553
100,619 86,445

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 1,560 4,523
Hire purchase contracts 4,883 5,860
Trade creditors 42,407 42,720
Tax 16,140 27,262
Social security and other taxes 3,452 6,269
VAT 9,369 8,642
Directors' current accounts 219 946
Other creditors and accruals 22,991 20,726
101,021 116,948

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 37,901 36,701
Hire purchase contracts - 4,883
37,901 41,584

PHILLIPS PRECISION PHOTOGRAPHY LIMITED (REGISTERED NUMBER: 01980432)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 39,461 41,224
Hire purchase contracts 4,883 10,743
44,344 51,967

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 2,321 3,641

Deferred
tax
£   
Balance at 1 March 2022 3,641
Accelerated capital allowances (1,320 )
Balance at 28 February 2023 2,321

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
150 Ordinary £1 150 150

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28 February 2023 and 28 February 2022:

2023 2022
£    £   
Mr M D Phillips and Mr M P Phillips
Balance outstanding at start of year (947 ) 16,043
Amounts advanced 36,729 34,010
Amounts repaid (36,000 ) (51,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (218 ) (947 )

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