Phillips Projects Holdings Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04320591 (England and Wales)

Unaudited Financial Statements for the Year Ended 28 February 2021

for

Phillips Projects Holdings Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

D Phillips

SECRETARY:

Mrs D Phillips

REGISTERED OFFICE:

24 Picton House

Hussar Court

Waterlooville

Hampshire

PO7 7SQ

REGISTERED NUMBER:

04320591 (England and Wales)

ACCOUNTANTS:

Johnston Wood Roach Limited

24 Picton House

Hussar Court

Waterlooville

Hampshire

PO7 7SQ

FIXED ASSETS

Tangible assets

4

132,137

147,428

Investments

5

1,005

1,005

Investment property

6

1,658,131

650,447

1,791,273

798,880

CURRENT ASSETS

Debtors

7

899,381

1,351,538

Cash at bank and in hand

133,506

175,809

1,032,887

1,527,347

CREDITORS

Amounts falling due within one year

8

244,384

196,775

NET CURRENT ASSETS

788,503

1,330,572

TOTAL ASSETS LESS CURRENT LIABILITIES

2,579,776

2,129,452

PROVISIONS FOR LIABILITIES

77,754

-

NET ASSETS

2,502,022

2,129,452

CAPITAL AND RESERVES

Called up share capital

9

4

4

Fair value reserve

10

331,477

-

Retained earnings

2,170,541

2,129,448

SHAREHOLDERS' FUNDS

2,502,022

2,129,452

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2021 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the director and authorised for issue on 3 September 2021 and were signed by:

D Phillips - Director

1.	STATUTORY INFORMATION

Phillips Projects Holdings Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

Accounts are rounded to the nearest pound.

The accounts represent the company as an individual entity.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

2% on cost

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recongnised in the fair value reserve account.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST

At 1 March 2020

and 28 February 2021

62,379

12,874

149,819

225,072

DEPRECIATION

At 1 March 2020

9,359

12,795

55,490

77,644

Charge for year

1,247

20

14,024

15,291

At 28 February 2021

10,606

12,815

69,514

92,935

NET BOOK VALUE

At 28 February 2021

51,773

59

80,305

132,137

At 29 February 2020

53,020

79

94,329

147,428

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 March 2020

and 28 February 2021

1,005

NET BOOK VALUE

At 28 February 2021

1,005

At 29 February 2020

1,005

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 March 2020

702,018

Additions

601,401

Revaluations

409,230

At 28 February 2021

1,712,649

DEPRECIATION

At 1 March 2020

51,571

Charge for year

2,947

At 28 February 2021

54,518

NET BOOK VALUE

At 28 February 2021

1,658,131

At 29 February 2020

650,447

Fair value at 28 February 2021 is represented by:

£

Valuation in 2021

409,230

Cost

1,303,419

1,712,649

If following historical cost had not been revalued it would have been included at the following historical cost:

28.2.21

29.2.20

£

£

Cost

1,166,228

702,018

Investment property was valued on an open market basis on 28 February 2021 by the Director .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.21

29.2.20

£

£

Trade debtors

13,960

7,779

Amounts owed by group undertakings

205,436

250,436

Other debtors

679,985

1,093,323

899,381

1,351,538

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.21

29.2.20

£

£

Trade creditors

1,356

6,649

Amounts owed to group undertakings

203,542

167,079

Taxation and social security

38,323

22,547

Other creditors

1,163

500

244,384

196,775

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.21

29.2.20

value:

£

£

4

Ordinary

£1

4

4

10.

RESERVES

Fair

value

reserve

£

Fair value reserve

331,477

At 28 February 2021

331,477

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2021 and 29 February 2020:

28.2.21

29.2.20

£

£

D Phillips

Balance outstanding at start of year

1,078,323

1,133,418

Amounts advanced

1,276,328

1,185,115

Amounts repaid

(1,689,666

)

(1,240,210

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

664,985

1,078,323

The overdrawn Directors loan account was repaid on the 4th April 2021.

12.	ULTIMATE CONTROLLING PARTY

During the period the company has been under the control of Mr D Phillips.