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COMPANY REGISTRATION NUMBER: 01245416
Phillips Animal Health Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2023
Phillips Animal Health Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
382,492
385,124
Current assets
Stocks
386,439
367,390
Debtors
7
408,464
336,953
Investments
8
1,066
1,066
Cash at bank and in hand
228,342
287,254
------------
---------
1,024,311
992,663
Creditors: amounts falling due within one year
9
629,896
619,860
------------
---------
Net current assets
394,415
372,803
---------
---------
Total assets less current liabilities
776,907
757,927
Creditors: amounts falling due after more than one year
10
14,714
20,926
Provisions
Deferred taxation
26,028
24,698
---------
---------
Net assets
736,165
712,303
---------
---------
Capital and reserves
Called up share capital
6,500
6,500
Capital redemption reserve
3,500
3,500
Profit and loss account
726,165
702,303
---------
---------
Shareholders funds
736,165
712,303
---------
---------
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 Section 1A of 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 statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Phillips Animal Health Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 16 November 2023 , and are signed on behalf of the board by:
M D Phillips
P Phillips
Director
Director
Company registration number: 01245416
Phillips Animal Health Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Achurch Road, Holmes Way, Boston Road Industrial Estate, Horncastle, Lincolnshire, LN9 6AS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of income and retained earnings.
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
-
20% 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 subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold land and buildings
-
2% straight line
Fixtures and equipment
-
15% & 25% reducing balance, 33% straight line
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Defined contribution pension plans
Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2022: 18 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
23,974
--------
Amortisation
At 1 April 2022 and 31 March 2023
23,974
--------
Carrying amount
At 31 March 2023
--------
At 31 March 2022
--------
6. Tangible assets
Freehold land and buildings
Fixtures and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
420,831
131,939
184,766
737,536
Additions
3,748
58,925
62,673
Disposals
( 46,220)
( 46,220)
---------
---------
---------
---------
At 31 March 2023
420,831
135,687
197,471
753,989
---------
---------
---------
---------
Depreciation
At 1 April 2022
141,369
95,357
115,686
352,412
Charge for the year
7,537
14,751
30,367
52,655
Disposals
( 33,570)
( 33,570)
---------
---------
---------
---------
At 31 March 2023
148,906
110,108
112,483
371,497
---------
---------
---------
---------
Carrying amount
At 31 March 2023
271,925
25,579
84,988
382,492
---------
---------
---------
---------
At 31 March 2022
279,462
36,582
69,080
385,124
---------
---------
---------
---------
7. Debtors
2023
2022
£
£
Trade debtors
396,865
324,043
Other debtors
11,599
12,910
---------
---------
408,464
336,953
---------
---------
8. Investments
2023
2022
£
£
Current asset investments
1,066
1,066
-------
-------
The investment is held in Downland Marketing Ltd, an unlisted company, and is stated at cost. The company holds 125 shares which represents 3.7% of the total shares.
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
6,015
6,015
Trade creditors
541,200
536,709
Social security and other taxes
70,987
64,982
Other creditors
11,694
12,154
---------
---------
629,896
619,860
---------
---------
The bank loan of £6,015 (2022 - £6,015) has been provided to the company under the Bounce Back Loan Scheme. Included within other creditors are hire purchase agreements of £Nil (2022 - £833) which are secured by the company against the assets to which they relate.
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
14,714
20,926
--------
--------
The bank loan of £14,714 (2022 - £20,926) has been provided to the company under the Bounce Back Loan Scheme.
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
26,028
24,698
--------
--------
12. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2023
2022
£
£
Recognised in other operating income:
Government grants recognised directly in income
3,477
----
-------