18 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 23,974 23,974 xbrli:pure xbrli:shares iso4217:GBP 01245416 2023-04-01 2024-03-31 01245416 2024-03-31 01245416 2023-03-31 01245416 2022-04-01 2023-03-31 01245416 2023-03-31 01245416 2022-03-31 01245416 core:NetGoodwill 2023-04-01 2024-03-31 01245416 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01245416 core:MotorVehicles 2023-04-01 2024-03-31 01245416 bus:Director4 2023-04-01 2024-03-31 01245416 bus:Director5 2023-04-01 2024-03-31 01245416 core:NetGoodwill 2024-03-31 01245416 core:LandBuildings 2023-03-31 01245416 core:FurnitureFittings 2023-03-31 01245416 core:MotorVehicles 2023-03-31 01245416 core:LandBuildings 2024-03-31 01245416 core:FurnitureFittings 2024-03-31 01245416 core:MotorVehicles 2024-03-31 01245416 core:LandBuildings 2023-04-01 2024-03-31 01245416 core:FurnitureFittings 2023-04-01 2024-03-31 01245416 core:WithinOneYear 2024-03-31 01245416 core:WithinOneYear 2023-03-31 01245416 core:AfterOneYear 2024-03-31 01245416 core:AfterOneYear 2023-03-31 01245416 core:ShareCapital 2024-03-31 01245416 core:ShareCapital 2023-03-31 01245416 core:CapitalRedemptionReserve 2024-03-31 01245416 core:CapitalRedemptionReserve 2023-03-31 01245416 core:RetainedEarningsAccumulatedLosses 2024-03-31 01245416 core:RetainedEarningsAccumulatedLosses 2023-03-31 01245416 core:LandBuildings 2023-03-31 01245416 core:FurnitureFittings 2023-03-31 01245416 core:MotorVehicles 2023-03-31 01245416 bus:SmallEntities 2023-04-01 2024-03-31 01245416 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01245416 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01245416 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01245416 bus:FullAccounts 2023-04-01 2024-03-31 01245416 core:AfterOneYear 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 01245416
Phillips Animal Health Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
Phillips Animal Health Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
411,237
382,492
Current assets
Stocks
354,220
386,439
Debtors
7
351,045
408,464
Investments
8
1,066
1,066
Cash at bank and in hand
199,459
228,342
---------
------------
905,790
1,024,311
Creditors: amounts falling due within one year
9
533,153
629,896
---------
------------
Net current assets
372,637
394,415
---------
---------
Total assets less current liabilities
783,874
776,907
Creditors: amounts falling due after more than one year
10
8,346
14,714
Provisions
Deferred taxation
31,082
26,028
---------
---------
Net assets
744,446
736,165
---------
---------
Capital and reserves
Called up share capital
6,500
6,500
Capital redemption reserve
3,500
3,500
Profit and loss account
734,446
726,165
---------
---------
Shareholders funds
744,446
736,165
---------
---------
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 2024 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 2024
These financial statements were approved by the board of directors and authorised for issue on 12 November 2024 , 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 2024
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.
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 (2023: 18 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
23,974
--------
Amortisation
At 1 April 2023 and 31 March 2024
23,974
--------
Carrying amount
At 31 March 2024
--------
At 31 March 2023
--------
6. Tangible assets
Freehold land and buildings
Fixtures and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
420,831
135,687
197,471
753,989
Additions
3,458
83,227
86,685
Disposals
( 60,975)
( 60,975)
---------
---------
---------
---------
At 31 March 2024
420,831
139,145
219,723
779,699
---------
---------
---------
---------
Depreciation
At 1 April 2023
148,906
110,108
112,483
371,497
Charge for the year
7,537
9,631
25,481
42,649
Disposals
( 45,684)
( 45,684)
---------
---------
---------
---------
At 31 March 2024
156,443
119,739
92,280
368,462
---------
---------
---------
---------
Carrying amount
At 31 March 2024
264,388
19,406
127,443
411,237
---------
---------
---------
---------
At 31 March 2023
271,925
25,579
84,988
382,492
---------
---------
---------
---------
7. Debtors
2024
2023
£
£
Trade debtors
339,724
396,865
Other debtors
11,321
11,599
---------
---------
351,045
408,464
---------
---------
8. Investments
2024
2023
£
£
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
2024
2023
£
£
Bank loans
6,015
6,015
Trade creditors
454,510
541,200
Social security and other taxes
64,276
70,987
Other creditors
8,352
11,694
---------
---------
533,153
629,896
---------
---------
The bank loan of £6,015 (2023 - £6,015) has been provided to the company under the Bounce Back Loan Scheme.
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
8,346
14,714
-------
--------
The bank loan of £8,346 (2023 - £14,714) 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:
2024
2023
£
£
Included in provisions
31,082
26,028
--------
--------