REGISTERED NUMBER: 04290664 (England and Wales)

PHELPS FABRICATIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

6

DIRECTORS:

N J Phelps

Mrs J V Phelps

REGISTERED OFFICE:

1 Rushmills

Northampton

Northamptonshire

NN4 7YB

BUSINESS ADDRESS:

65 Woodlands Road

Irchester

Wellingborough

Northamptonshire

NN29 7BU

REGISTERED NUMBER:

04290664 (England and Wales)

ACCOUNTANTS:

Haines Watts (SEM) Limited

26-28 Headlands

Kettering

Northamptonshire

NN15 7HP

FIXED ASSETS

Tangible assets

4

7,121

2,372

CURRENT ASSETS

Debtors

5

14,432

30,053

Cash at bank

37,751

19,272

52,183

49,325

CREDITORS

Amounts falling due within one year

6

49,252

49,189

NET CURRENT ASSETS

2,931

136

TOTAL ASSETS LESS CURRENT LIABILITIES

10,052

2,508

CREDITORS

Amounts falling due after more than one year

7

(6,145

)

-

PROVISIONS FOR LIABILITIES

9

(1,353

)

(474

)

NET ASSETS

2,554

2,034

CAPITAL AND RESERVES

Called up share capital

10

1,000

1,000

Retained earnings

1,554

1,034

SHAREHOLDERS' FUNDS

2,554

2,034

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 5 March 2018 and were signed on its behalf by:

N J Phelps - Director

1.	STATUTORY INFORMATION

Phelps Fabrications Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

In accordance with the principles of revenue recognition as stated in FRS 102, turnover is calculated by

reference to the stage of completion of the transaction as at the end of the accounting period, including

estimates of amounts not yet invoiced.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Motor vehicles

-

25% on reducing balance

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.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

COST

At 1 October 2016

9,995

Additions

9,495

Disposals

(9,995

)

At 30 September 2017

9,495

DEPRECIATION

At 1 October 2016

7,623

Charge for year

2,374

Eliminated on disposal

(7,623

)

At 30 September 2017

2,374

NET BOOK VALUE

At 30 September 2017

7,121

At 30 September 2016

2,372

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 October 2016

9,995

Additions

9,495

Transfer to ownership

(9,995

)

At 30 September 2017

9,495

DEPRECIATION

At 1 October 2016

7,623

Charge for year

2,374

Transfer to ownership

(7,623

)

At 30 September 2017

2,374

NET BOOK VALUE

At 30 September 2017

7,121

At 30 September 2016

2,372

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

14,432

30,011

Other debtors

-

42

14,432

30,053

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts

2,150

538

Trade creditors

-

425

Tax

4,760

4,760

VAT

2,764

4,013

Directors' current accounts

39,578

39,453

49,252

49,189

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts

6,145

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Hire purchase contracts

8,295

538

The hire purchase contracts are secured on the assets to which they relate.

9.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

1,353

474

Deferred

tax

£

Balance at 1 October 2016

474

Charge to Income Statement during year

879

Accelerated capital allowances

Balance at 30 September 2017

1,353

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1,000

Ordinary

£1

1,000

1,000

11.	FIRST YEAR ADOPTION

The company has adopted FRS 102 for the first time in the period ended 30 September 2017.

The effect of the transition from the previous financial reporting framework to FRS 102 has been considered.

There has been no material impact in relation to the following:

- changes in accounting policies

- changes in shareholders funds

- comparative year profit or loss

On that basis, no restatement has been undertaken.