A.J. PHILPOTT & SONS LIMITED
Balance Sheet
as at 31 December 2023
Notes 2023 2022
Fixed assets £ £
Tangible assets 3 73,868 95,294
Current assets
Stocks 335,570 419,920
Debtors 4 271,526 305,532
Cash at bank and in hand 223,882 123,249
830,978 848,701
Creditors: amounts falling due within one year 5 (692,162) (706,900)
Net current assets 138,816 141,801
Total assets less current liabilities 212,684 237,095
Creditors: amounts falling due after more than one year 6 (21,098) (44,998)
Provisions for liabilities (52,989) (57,989)
Net assets 138,597 134,108
Capital and reserves
Called up share capital 1,320 1,320
Profit and loss account 137,277 132,788
Shareholders' funds 138,597 134,108
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.
P.J. PHILPOTT
Director
Approved by the board on 12 August 2024
A.J. PHILPOTT & SONS LIMITED
Notes to the Accounts
for the year ended 31 December 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 at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Plant and machinery 25% reducing balance basis
Fixtures, fittings and equipment 25% reducing balance basis
Computers and peripheral equipment 33⅓% straight line basis
Motor vehicles 25% reducing balance basis
Website development costs 33⅓% straight line basis
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, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction 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. 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. 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. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 18 18
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 215,349 129,049 344,398
Additions 3,200 - 3,200
At 31 December 2023 218,549 129,049 347,598
Depreciation
At 1 January 2023 200,009 49,095 249,104
Charge for the year 4,637 19,989 24,626
At 31 December 2023 204,646 69,084 273,730
Net book value
At 31 December 2023 13,903 59,965 73,868
At 31 December 2022 15,340 79,954 95,294
4 Debtors 2023 2022
£ £
Trade debtors 265,161 278,808
Other debtors 6,365 26,724
271,526 305,532
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts (secured) 23,900 26,245
Trade creditors and accruals 165,915 197,256
Taxes and social security costs 56,250 66,952
Other accounts 156,789 -
Other creditors 289,308 416,447
692,162 706,900
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts (secured) 21,098 44,998
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 81,948 78,796
8 Related party transactions
Other creditors, as disclosed at Note 5, Creditors: Amounts falling due within one year, includes unsecured loans to the company from its directors (who are also the company's shareholders) of £289,308 (2022: £313,130).
9 Other information
A.J. PHILPOTT & SONS LIMITED is a private company limited by shares and incorporated in England (Company Number 01416395). Its registered office is Fountain Square, Fenton, Stoke-on-Trent, Staffordshire, ST4 2HA.
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