Phillips Projects Holdings Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04320591 (England and Wales)

Unaudited Financial Statements for the Year Ended 28 February 2023

for

Phillips Projects Holdings Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

8

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

149,241

119,108

Investments

5

1,004

1,005

Investment property

6

2,100,417

2,109,367

2,250,662

2,229,480

CURRENT ASSETS

Debtors

7

1,075,879

902,931

Cash at bank and in hand

223,916

209,563

1,299,795

1,112,494

CREDITORS

Amounts falling due within one year

8

98,971

95,453

NET CURRENT ASSETS

1,200,824

1,017,041

TOTAL ASSETS LESS CURRENT LIABILITIES

3,451,486

3,246,521

CREDITORS

Amounts falling due after more than one year

9

(82,826

)

(85,617

)

PROVISIONS FOR LIABILITIES

(177,404

)

(153,488

)

NET ASSETS

3,191,256

3,007,416

CAPITAL AND RESERVES

Called up share capital

10

4

4

Fair value reserve

11

654,343

654,343

Retained earnings

2,536,909

2,353,069

SHAREHOLDERS' FUNDS

3,191,256

3,007,416

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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 23 October 2023 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.

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 1 (2022 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST

At 1 March 2022

62,379

12,874

149,819

225,072

Additions

-

-

44,514

44,514

Disposals

-

-

(32,125

)

(32,125

)

At 28 February 2023

62,379

12,874

162,208

237,461

DEPRECIATION

At 1 March 2022

11,854

12,830

81,280

105,964

Charge for year

1,248

11

8,833

10,092

Eliminated on disposal

-

-

(27,836

)

(27,836

)

At 28 February 2023

13,102

12,841

62,277

88,220

NET BOOK VALUE

At 28 February 2023

49,277

33

99,931

149,241

At 28 February 2022

50,525

44

68,539

119,108

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 March 2022

1,005

Disposals

(1

)

At 28 February 2023

1,004

NET BOOK VALUE

At 28 February 2023

1,004

At 28 February 2022

1,005

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 March 2022

and 28 February 2023

2,172,836

DEPRECIATION

At 1 March 2022

63,469

Charge for year

8,950

At 28 February 2023

72,419

NET BOOK VALUE

At 28 February 2023

2,100,417

At 28 February 2022

2,109,367

Fair value at 28 February 2023 is represented by:

£

Valuation in 2021

409,230

Valuation in 2022

398,600

Cost

1,365,006

2,172,836

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

28.2.23

28.2.22

£

£

Cost

1,365,006

1,365,006

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

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.23

28.2.22

£

£

Trade debtors

13,099

7,544

Amounts owed by group undertakings

420,436

240,436

Other debtors

642,344

654,951

1,075,879

902,931

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.23

28.2.22

£

£

Bank loans and overdrafts

2,791

2,578

Trade creditors

12,304

4,673

Amounts owed to group undertakings

58,864

81,802

Taxation and social security

24,487

5,900

Other creditors

525

500

98,971

95,453

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.23

28.2.22

£

£

Bank loans

82,826

85,617

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

73,172

73,172

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.23

28.2.22

value:

£

£

4

Ordinary

£1

4

4

11.

RESERVES

Fair

value

reserve

£

At 1 March 2022

and 28 February 2023

654,343

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2023 and 28 February 2022:

28.2.23

28.2.22

£

£

D Phillips

Balance outstanding at start of year

649,951

664,985

Amounts advanced

763,545

584,966

Amounts repaid

(798,660

)

(600,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

614,836

649,951

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 28 February 2023 set out on pages three to nine and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Johnston Wood Roach Limited

24 Picton House

Hussar Court

Waterlooville

Hampshire

PO7 7SQ

Date: .............................................