REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 May 2022 |
for |
Philip Small Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 May 2022 |
for |
Philip Small Limited |
Philip Small Limited (Registered number: 05081457) |
Contents of the Financial Statements |
for the Year Ended 31 May 2022 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Philip Small Limited |
Company Information |
for the Year Ended 31 May 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
1 Carlton Parade |
Preston Road |
Wembley |
Middlesex |
HA9 8NE |
Philip Small Limited (Registered number: 05081457) |
Statement of Financial Position |
31 May 2022 |
31.5.22 | 31.5.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Prepayments and accrued income |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his 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. |
Philip Small Limited (Registered number: 05081457) |
Statement of Financial Position - continued |
31 May 2022 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Philip Small Limited (Registered number: 05081457) |
Notes to the Financial Statements |
for the Year Ended 31 May 2022 |
1. | STATUTORY INFORMATION |
Philip Small Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Philip Small Limited (Registered number: 05081457) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2022 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 June 2021 |
Additions |
At 31 May 2022 |
DEPRECIATION |
At 1 June 2021 |
Charge for year |
At 31 May 2022 |
NET BOOK VALUE |
At 31 May 2022 |
At 31 May 2021 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.22 | 31.5.21 |
£ | £ |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.22 | 31.5.21 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 35,020 | 10,751 |
Other creditors |
Net wages | - | 1,393 |
Pension | 104 | - |
Directors' loan accounts | 241,947 | 163,311 |
Accruals and deferred income |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.22 | 31.5.21 |
£ | £ |
Bank loans - 2-5 years |
Hire purchase contracts |
Philip Small Limited (Registered number: 05081457) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2022 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.22 | 31.5.21 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
9. | GOING CONCERN BASIS OF ACCOUNTING |
The outbreak of the COVID-19 pandemic and the measures adopted by government to mitigate the pandemic's spread have significantly impacted the company. |
For the year ended 31May 2022 the company's turnover was £1167541and has recognised a net profit of |
£30194.The company still has a net liabilities of £641164. |
The Management has therefore prepared a cash flow forecast for a period of 12 months from the date of authorisation of these financial statements. |
As a result, these financial statements have been prepared on a going concern basis and do not include any adjustments to the carrying amounts and classification of assets, liabilities and reported expenses that may otherwise be required if the going concern basis was not appropriate. |