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Unaudited Financial Statements |
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for the Year Ended 31 December 2020 |
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for |
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Phillip's Man's Shops Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 December 2020 |
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for |
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Phillip's Man's Shops Limited |
Phillip's Man's Shops Limited (Registered number: 01183338) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Phillip's Man's Shops Limited |
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Company Information |
for the Year Ended 31 December 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Bank Chambers |
61 High Street |
Cranbrook |
Kent |
TN17 3EG |
Phillip's Man's Shops Limited (Registered number: 01183338) |
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Balance Sheet |
31 December 2020 |
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31.12.20 | 31.12.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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Phillip's Man's Shops Limited (Registered number: 01183338) |
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Balance Sheet - continued |
31 December 2020 |
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31.12.20 | 31.12.19 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Phillip's Man's Shops Limited (Registered number: 01183338) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
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1. | STATUTORY INFORMATION |
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Phillip's Man's Shops Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Government grants |
Small Business Grant Fund |
The company met the criteria for the Small Business Grant Fund due to Coronavirus and has received a grant from the local council which is recorded as grant income. As the company met the criteria for business rates relief at the qualification date of 11 March 2020, the grant has been recognised in full as receivable as of that date and is not deferred in any way. |
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Coronavirus Job Retention Scheme |
The company has furloughed staff during the Covid-19 pandemic and made claims for government furlough grants. The grants are recognised on an accruals basis, matched in the period against the staff costs that they relate to, and recorded as grant income in the accounts. |
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Local Restrictions Grant Fund |
The company made applications and received payments from the Local Restrictions Grants Fund. These grants have been recognised on an accruals basis for the period that they relate to and have not been deferred in any way. |
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Business rates relief |
The company met the criteria for business rates relief for businesses within the hospitality sector due to Covid-19 and has benefited from a rates holiday for the 2020-21 rates year. The effect of this relief is to reduce the rates cost reflected through the profit and loss account with the relief spread over the period it relates to on an accruals basis. |
Phillip's Man's Shops Limited (Registered number: 01183338) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Phillip's Man's Shops Limited (Registered number: 01183338) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2020 |
and 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Other creditors |
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Phillip's Man's Shops Limited (Registered number: 01183338) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.12.20 | 31.12.19 |
£ | £ |
Bank overdrafts |
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The company has a bank overdraft facility which has been secured by a fixed charge over book debts and a floating charge over all other company assets. A guarantee has also been provided by Mrs V J Mummery supported by a charge over the freehold property at 35 High Street, Cranbrook, Kent. |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: | Nominal | 31.12.20 | 31.12.19 |
Number: | Class: | Value: | £ | £ |
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18,045 | Ordinary 'A' | £1 | 18,045 | 18,045 |
100 | Ordinary 'B' | £1 | 100 | 100 |
100 | Ordinary 'C' | £1 | 100 | 100 |
100 | Ordinary 'D' | £1 | 100 | 100 |
18,345 | 18,345 |
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10. | PENSION COMMITMENTS |
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The company operates a defined contribution pension scheme for the directors. The assets of the scheme are held separately from those of the company in a privately administered fund. There were no contributions payable to the scheme in respect of the accounting period. |
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The company also operates an Automatic Enrolment pension scheme. Contributions by the company to this were £693 (2019: £495). At the year end there was £133 due to be paid over to the pension scheme in respect of the December 2020 payroll deductions. |
Phillip's Man's Shops Limited (Registered number: 01183338) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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11. | POST BALANCE SHEET EVENTS |
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Since the company's year end, the Covid-19 pandemic has continued to impact the business. Local restrictions and a subsequent nationwide lockdown have meant that the business was unable to open for most of November 2020 and has remained closed since 20 December 2020 in accordance with Government guidance. This is considered to be a non-adjusting post Balance Sheet event. |
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The lockdown earlier in 2020 meant that the company had to cease its operations for three months and with the latest restrictions, it is not currently clear when the company will be in a position to completely reopen and, even when the business can start to open, how public confidence might impact on the level of trade for the foreseeable future. However, the directors are confident that the past reputation of the business, together with the excellent High Street location, should ensure that there is a good bounce back once restrictions are eased. This confidence is backed by the pent up public demand and turnover figures which were generated after the first lockdown in the summer of 2020. The company has continued to develop its online presence and, although still only a relatively small part of the business, turnover from online sales increased by 243% in the year to 31 December 2020. |
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The company has furloughed staff where appropriate since the start of the pandemic and has successfully applied for a number of grants, including a Small Business Grant for retail businesses and more recently Local Restrictions Support Grants, as the shop is unable to open. The company has also benefited from the business rates relief for retail businesses for 2020/21. The directors will continue to apply for funding under the various government initiatives until the business is able to fully reopen. |
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The accounts have been prepared on a going concern basis and no adjustments have been made to the accounts at this stage arising from the impact of Covid-19. However, the impact of the pandemic continues to evolve at a fast pace and, therefore, it is not practicable to quantify the potential financial impact on the company at this time. |