Company registration number 06394420 (England and Wales)
PHILOBIBLON (UK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
PHILOBIBLON (UK) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
PHILOBIBLON (UK) LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
€
€
€
€
Current assets
Stocks
3
3,135,175
3,147,917
Debtors
4
1,094,802
1,092,299
Cash at bank and in hand
78
607
4,230,055
4,240,823
Creditors: amounts falling due within one year
5
(5,613,150)
(5,541,802)
Net current liabilities
(1,383,095)
(1,300,979)
Capital and reserves
Called up share capital
6
1,263
1,263
Profit and loss reserves
(1,384,358)
(1,302,242)
Total equity
(1,383,095)
(1,300,979)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 20 November 2024
Filippo Rotundo
Director
Company registration number 06394420 (England and Wales)
PHILOBIBLON (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information
Philobiblon (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Second Floor De Burgh House, Market Road, Wickford, Essex, SS12 0FD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in euros, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The director has prepared the financial statements on the going concern basis although the balance sheet shows negative shareholders fundstrue. This is considered appropriate as the company's shareholders and creditors will continue to provide financial support to the company for the foreseeable future and the company is expecting to make profits in future years that will reverse this position. Should the company be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise.
1.3
Turnover
Turnover represents amounts receivable in respect of the company’s principal activity of trading of antique books. Turnover is recognised upon completion of the contracted obligations of both parties. Once the company has met it’s contractual obligations, a sales invoice is raised. Turnover is shown net of VAT and other sales related taxes.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets include debtors and cash and bank balances.
PHILOBIBLON (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
Debtors
Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.
Cash at bank and in hand
Cash at bank and in hand include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities include creditors. Other than loans, creditors are not interest bearing and are stated at their nominal value.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Foreign exchange
Transactions in currencies other than euros are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
PHILOBIBLON (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Stocks
2023
2022
€
€
Stocks
3,135,175
3,147,917
4
Debtors
2023
2022
Amounts falling due within one year:
€
€
Trade debtors
1,030,990
1,030,990
Other debtors
63,812
61,309
1,094,802
1,092,299
5
Creditors: amounts falling due within one year
2023
2022
€
€
Trade creditors
139,318
137,146
Other creditors
5,473,832
5,404,656
5,613,150
5,541,802
Other creditors include the following loans and interest:
Total Loan Amount is €282,749.37 with a Interest payable amount €19,087.62
The loan interest is charged at a rate of between 1.5% - 1.65% per month
6
Called up share capital
2023
2022
€
€
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,263
1,263
1,263
1,263
PHILOBIBLON (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
7
Related party transactions
Included within other creditors is a loan from the shareholder of €5,163,786 (2022: €5,302,272). This loan is interest free and repayable on demand.
Included within other debtors is a loan to Philobiblon Gallery Srl of €30,000 (2022: €30,000). This loan is interest free and repayable on demand.