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Registration number: 04574313

J C Phillips & Son Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

J C Phillips & Son Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

J C Phillips & Son Limited

(Registration number: 04574313)
Statement of Financial Position as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

39,420

41,312

Current assets

 

Stocks

6

41,404

30,773

Debtors

7

125,406

148,120

 

166,810

178,893

Creditors: Amounts falling due within one year

8

(177,689)

(171,658)

Net current (liabilities)/assets

 

(10,879)

7,235

Total assets less current liabilities

 

28,541

48,547

Creditors: Amounts falling due after more than one year

8

(32,800)

(40,666)

Provisions for liabilities

(7,395)

(7,733)

Net (liabilities)/assets

 

(11,654)

148

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(11,754)

48

Shareholders' (deficit)/funds

 

(11,654)

148

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 28 August 2024 and signed on its behalf by:
 

 

J C Phillips & Son Limited

(Registration number: 04574313)
Statement of Financial Position as at 30 November 2023 (continued)


Mrs R A Weston
Director

 

J C Phillips & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
162A South Street
Bridport
Dorset
DT6 3NP

Principal activity

The principal activity of the company is that of sand and gravel merchants.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis as the company continues to receive support from the directors and shareholders. At the balance sheet date the company had net current liabilities of £10,879 (2022 - net current assets £7,235) and net liabilities of £11,654 (2022 - net assets of £148).

 

J C Phillips & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

J C Phillips & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Fittings fixtures and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

J C Phillips & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

J C Phillips & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

 

J C Phillips & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

96,000

96,000

At 30 November 2023

96,000

96,000

Amortisation

At 1 December 2022

96,000

96,000

At 30 November 2023

96,000

96,000

Carrying amount

At 30 November 2023

-

-

5

Tangible assets

Fixtures, fittings and equipment
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

10,412

72,051

16,745

99,208

Additions

-

1,150

-

1,150

Disposals

-

(1,300)

-

(1,300)

At 30 November 2023

10,412

71,901

16,745

99,058

Depreciation

At 1 December 2022

9,491

39,804

8,601

57,896

Charge for the year

229

1,852

661

2,742

Eliminated on disposal

-

(1,000)

-

(1,000)

At 30 November 2023

9,720

40,656

9,262

59,638

Carrying amount

At 30 November 2023

692

31,245

7,483

39,420

At 30 November 2022

921

32,247

8,144

41,312

 

J C Phillips & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

41,404

30,773

7

Debtors

2023
£

2022
£

Trade debtors

121,261

140,840

Other debtors

4,145

7,280

125,406

148,120

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Bank loans and overdrafts

10

51,217

48,851

Trade creditors

 

111,141

100,739

Taxation and social security

 

2,903

10,543

Accruals and deferred income

 

6,365

6,865

Other creditors

 

6,063

4,660

 

177,689

171,658


Creditors include bank loans and overdrafts which are secured of £51,217 (2022 - £48,851).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Bank loans and overdrafts

10

32,800

40,666


Creditors include bank loans and overdrafts which are secured of £32,800 (2022 - £40,666).

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

J C Phillips & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

32,800

40,666

Current loans and borrowings

2023
£

2022
£

Bank borrowings

8,000

9,692

Bank overdrafts

43,217

38,691

Finance lease liabilities

-

468

51,217

48,851