Registered number
00839579
PHILLIPS DUPLICATORS LIMITED
Unaudited Filleted Accounts
31 March 2024
PHILLIPS DUPLICATORS LIMITED
Registered number: 00839579
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Current assets
Stocks 1,800 5,719
Debtors 3 3,389 2,080
Cash at bank and in hand 231,314 314,376
236,503 322,175
Creditors: amounts falling due within one year 4 (39,584) (53,095)
Net current assets 196,919 269,080
Net assets 196,919 269,080
Capital and reserves
Called up share capital 100 100
Profit and loss account 196,819 268,980
Shareholders' funds 196,919 269,080
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.
Approved by the board on 22 October 2024
B W Phillips
Director
PHILLIPS DUPLICATORS LIMITED
Notes to the Accounts
for the year ended 31 March 2024
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 on completion of the service.
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:
Freehold buildings 50 years
Plant and machinery 25% reducing balance method
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.
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. 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.
Coronavirus Job Retention Scheme and other Government grants
Amounts received from central Government, local Government and other Government agencies are included in Other operating income on an accruals basis.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 2
The historical cost of the freehold land is now fully depreciated.
3 Debtors 2024 2023
£ £
Trade debtors 3,389 2,080
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 2,405 1,632
Corporation tax - 16,622
Taxation and social security costs 1,042 693
Other creditors 36,137 34,148
39,584 53,095
5 Revaluation reserve 2024 2023
£ £
At 1 April - 278,569
Disposal of revalued freehold property - (342,175)
Deferred taxation released on the disposal of freehold property - 63,606
At 31 March - -
6 Events after the reporting date
Subject to any impact the Coronavirus pandemic may have on customers ability to settle their accounts there were no events since the balance sheet date that in the opinion of the directors would effect these accounts.
7 Other information
PHILLIPS DUPLICATORS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
149b Masons Hill
Bromley
Kent
BR2 9HY
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