Company Registration No. SC084457 (Scotland)
David Philp (Commercials) Limited
Unaudited accounts
for the year ended 31 March 2022
David Philp (Commercials) Limited
Unaudited accounts
Contents
David Philp (Commercials) Limited
Company Information
for the year ended 31 March 2022
Directors
David Philp
Hazel Anderson
Company Number
SC084457 (Scotland)
Registered Office
Camps Industrial Estate
Kirknewton
Midlothian
EH27 8DF
Accountants
Select Financial Management Limited
Accountants & Business Advisers
4 Romano House
43 Station Road
Edinburgh
EH12 7AF
David Philp (Commercials) Limited
Statement of financial position
as at
31 March 2022
Tangible assets
2,012,908
1,631,611
Inventories
221,484
148,039
Debtors
2,673,862
2,523,572
Cash at bank and in hand
1,306,268
1,156,551
Creditors: amounts falling due within one year
(914,233)
(766,331)
Net current assets
3,287,381
3,061,831
Total assets less current liabilities
5,300,289
4,693,442
Creditors: amounts falling due after more than one year
(351,134)
(1,028)
Provisions for liabilities
Deferred tax
(119,411)
(65,758)
Net assets
4,829,744
4,626,656
Called up share capital
100,000
100,000
Profit and loss account
4,729,744
4,526,656
Shareholders' funds
4,829,744
4,626,656
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 10 November 2022 and were signed on its behalf by
Hazel Anderson
Director
Company Registration No. SC084457
David Philp (Commercials) Limited
Notes to the Accounts
for the year ended 31 March 2022
David Philp (Commercials) Limited is a private company, limited by shares, registered in Scotland, registration number SC084457. The registered office is Camps Industrial Estate, Kirknewton, Midlothian, EH27 8DF.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
4% straight line
Plant & machinery
15% straight line
Motor vehicles
25% reducing balance
Fixtures & fittings
15% straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress, cost includes a relevant proportion of overheads according to the stage of completion of the relevant job.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
David Philp (Commercials) Limited
Notes to the Accounts
for the year ended 31 March 2022
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2021
2,123,769
464,320
688,041
59,067
3,335,197
Additions
183,751
11,958
429,667
-
625,376
Disposals
-
-
(75,221)
-
(75,221)
At 31 March 2022
2,307,520
476,278
1,042,487
59,067
3,885,352
At 1 April 2021
854,503
337,424
470,737
40,922
1,703,586
Charge for the year
88,521
19,913
104,459
2,721
215,614
On disposals
-
-
(46,756)
-
(46,756)
At 31 March 2022
943,024
357,337
528,440
43,643
1,872,444
At 31 March 2022
1,364,496
118,941
514,047
15,424
2,012,908
At 31 March 2021
1,269,266
126,896
217,304
18,145
1,631,611
Amounts falling due within one year
Trade debtors
839,575
688,180
Amounts due from group undertakings etc.
1,834,192
1,834,192
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Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
51,111
-
Obligations under finance leases and hire purchase contracts
82,281
27,966
Trade creditors
504,156
509,854
Taxes and social security
93,537
128,400
Other creditors
106,253
34,494
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Creditors: amounts falling due after more than one year
2022
2021
Obligations under finance leases and hire purchase contracts
185,023
1,028
David Philp (Commercials) Limited
Notes to the Accounts
for the year ended 31 March 2022
The company is a wholly-owned subsidiary of David Philp Holdings Limited, registered in Scotland number SC379266, at Camps Industrial Estate, Kirknewton, Midlothian, EH27 8DF.
During the year dividends of £159,984 (PY: £8,000) were paid to this parent company.
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Average number of employees
During the year the average number of employees was 39 (2021: 40).