Company Registration No. SC084457 (Scotland)
David Philp (Commercials) Limited
Unaudited accounts
for the year ended 31 March 2021
David Philp (Commercials) Limited
Unaudited accounts
Contents
David Philp (Commercials) Limited
Company Information
for the year ended 31 March 2021
Directors
David Phillp
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 2021
Tangible assets
1,631,611
1,708,156
Inventories
148,039
254,890
Debtors
2,523,572
2,531,636
Cash at bank and in hand
1,156,551
792,776
Creditors: amounts falling due within one year
(766,331)
(805,553)
Net current assets
3,061,831
2,773,749
Total assets less current liabilities
4,693,442
4,481,905
Creditors: amounts falling due after more than one year
(1,028)
(28,994)
Provisions for liabilities
Deferred tax
(65,758)
(64,661)
Net assets
4,626,656
4,388,250
Called up share capital
100,000
100,000
Profit and loss account
4,526,656
4,288,250
Shareholders' funds
4,626,656
4,388,250
For the year ending 31 March 2021 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 3 November 2021 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 2021
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
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.
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 2021
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 2020
2,035,167
479,808
794,175
64,473
3,373,623
Additions
88,602
29,920
-
-
118,522
Disposals
-
(45,408)
(106,134)
(5,406)
(156,948)
At 31 March 2021
2,123,769
464,320
688,041
59,067
3,335,197
At 1 April 2020
772,982
359,027
491,564
41,894
1,665,467
Charge for the year
81,521
23,805
75,652
3,387
184,365
On disposals
-
(45,408)
(96,479)
(4,359)
(146,246)
At 31 March 2021
854,503
337,424
470,737
40,922
1,703,586
At 31 March 2021
1,269,266
126,896
217,304
18,145
1,631,611
At 31 March 2020
1,262,185
120,781
302,611
22,579
1,708,156
5
Debtors: amounts falling due within one year
2021
2020
Trade debtors
688,180
697,248
Amounts due from group undertakings etc.
1,834,192
1,834,192
6
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
-
51,254
Obligations under finance leases and hire purchase contracts
27,966
52,745
Trade creditors
509,854
466,695
Taxes and social security
128,400
106,237
Other creditors
34,494
39,818
7
Creditors: amounts falling due after more than one year
2021
2020
Obligations under finance leases and hire purchase contracts
1,028
28,994
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 £8,000 (PY: £8,000) were paid to this parent company.
David Philp (Commercials) Limited
Notes to the Accounts
for the year ended 31 March 2021
9
Average number of employees
During the year the average number of employees was 0 (2020: 38).