PHILLIPS-TUFTEX LIMITED

PHILLIPS-TUFTEX LIMITED

PHILLIPS-TUFTEX LIMITED - Company Information

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Company Registration No. 01943550 (England and Wales)
PHILLIPS-TUFTEX LIMITED Unaudited accounts for the year ended 31 December 2023
PHILLIPS-TUFTEX LIMITED Unaudited accounts Contents
Page
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PHILLIPS-TUFTEX LIMITED Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
4
29,585 
34,661 
Investments
2,416 
2,450 
32,001 
37,111 
Current assets
Inventories
1,324,944 
1,433,441 
Debtors
496,148 
437,351 
Cash at bank and in hand
398,812 
280,331 
2,219,904 
2,151,123 
Creditors: amounts falling due within one year
(1,073,574)
(1,011,220)
Net current assets
1,146,330 
1,139,903 
Total assets less current liabilities
1,178,331 
1,177,014 
Creditors: amounts falling due after more than one year
(131,098)
(175,000)
Net assets
1,047,233 
1,002,014 
Capital and reserves
Called up share capital
5
8,950 
8,950 
Share premium
1,050 
1,050 
Profit and loss account
1,037,233 
992,014 
Shareholders' funds
1,047,233 
1,002,014 
For the year ending 31 December 2023 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
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 and authorised for issue on 12 April 2024 and were signed on its behalf by
S N Robinson Director Company Registration No. 01943550
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PHILLIPS-TUFTEX LIMITED Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
PHILLIPS-TUFTEX LIMITED is a private company, limited by shares, registered in England and Wales, registration number 01943550. The registered office is Albion Builldings, Attleborough Road, Nuneaton, Warwickshire, CV11 4JJ, United Kingdom.
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
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:
Motor vehicles
20% per annum on reducing balance basis
Fixtures & fittings
15% reducing balance and 25% per annum on straight line basis
4
Tangible fixed assets
Total 
£ 
Cost or valuation
At 1 January 2023
211,658 
Additions
199 
At 31 December 2023
211,857 
Depreciation
At 1 January 2023
176,997 
Charge for the year
5,275 
At 31 December 2023
182,272 
Net book value
At 31 December 2023
29,585 
At 31 December 2022
34,661 
5
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
8,950 Ordinary shares of £1 each
8,950 
8,950 
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PHILLIPS-TUFTEX LIMITED Notes to the Accounts for the year ended 31 December 2023
6
Transactions with related parties
Included in debtors within one year is amount £134,542 (2022: £92,752) due from the Parent company. Consultancy fees The company paid £65,840 (2022: £70,880) to Albion Sports Limited, a company in which Mr Simon Robinson has a participating interest.
7
Controlling party
The ultimate parent company is Tuftex Properties Limited, a company registered in England and Wales
8
Average number of employees
During the year the average number of employees was 12 (2022: 13).
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