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REGISTERED NUMBER: 03664010 (England and Wales)
















PHIL ADDY ASSOCIATES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






PHIL ADDY ASSOCIATES LIMITED (REGISTERED NUMBER: 03664010)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PHIL ADDY ASSOCIATES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: P S Addy
P R Watson





SECRETARY: P R Watson





REGISTERED OFFICE: The Old Coach House
1 Campbell Street
Stanningley
Leeds
West Yorkshire
LS28 6DP





REGISTERED NUMBER: 03664010 (England and Wales)





ACCOUNTANTS: BPR Heaton
Chartered Accountants
Glenewes House
Gate Way Drive
Leeds
West Yorkshire
LS19 7XY

PHIL ADDY ASSOCIATES LIMITED (REGISTERED NUMBER: 03664010)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 1,429 1,277
Investment property 5 120,000 120,000
121,429 121,277

CURRENT ASSETS
Debtors 6 196,240 162,420
Cash at bank and in hand 368,022 249,274
564,262 411,694
CREDITORS
Amounts falling due within one year 7 121,309 82,488
NET CURRENT ASSETS 442,953 329,206
TOTAL ASSETS LESS CURRENT
LIABILITIES

564,382

450,483

CREDITORS
Amounts falling due after more than one
year

8

(21,646

)

(36,864

)

PROVISIONS FOR LIABILITIES (2,846 ) (2,846 )
NET ASSETS 539,890 410,773

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Non-distributable reserve 48,871 48,871
Retained earnings 490,019 360,902
SHAREHOLDERS' FUNDS 539,890 410,773

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

PHIL ADDY ASSOCIATES LIMITED (REGISTERED NUMBER: 03664010)

BALANCE SHEET - continued
31 MARCH 2023


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 Board of Directors and authorised for issue on 22 August 2023 and were signed on its behalf by:




P S Addy - Director



P R Watson - Director


PHIL ADDY ASSOCIATES LIMITED (REGISTERED NUMBER: 03664010)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Phil Addy Associates 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 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.

The financial statements are presented in sterling which is the functional currency of the company rounded to the nearest pound.

Turnover and income recognition
Turnover represents the fair value of commission income and fees earned in the year where the right to consideration has been obtained through performance, net of any value added tax where applicable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and equipment - 20% on cost

Government grants
Government grants received are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accruals model.

Grants relating to revenue items are recognised as income on a systematic basis over the periods in which the related costs for which the grant is intended to compensate are recognised.

Investment property
Investment properties are initially measured at cost and then remeasured at fair value with any revaluation increase or decrease recognised in profit or loss.

The fair value is based on the director's valuation and is arrived at having given consideration to the selling price of similar properties.

PHIL ADDY ASSOCIATES LIMITED (REGISTERED NUMBER: 03664010)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

Financial assets and liabilities are initially measured at transaction price, except for those financial assets classified as at fair value through profit or loss.

Basic financial instruments
Basic financial instruments are those with relatively straight forward terms and would normally include cash, bank balances, trade debtors, trade creditors and uncomplicated bank loans.

Where the arrangement does not constitute a financing transaction, e.g. trade debtors on normal commercial terms, the debtor will be valued initially at transaction price (i.e. cost) and subsequently at transaction price less impairment (if any) due to concerns over recoverability.

Where the arrangement does constitute a financing transaction, e.g. debt with basic terms, the initial measurement is of amortised cost using the effective interest method. In subsequent years the debt instrument is measured at amortised cost less impairment.

Impairment
At the end of each reporting period where there is objective evidence of impairment of any financial asset held at cost or amortised cost then this impairment is recognised immediately in profit or loss.

Other financial instruments
The company does not have any financial instruments that would not be classed as 'basic'.

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 makes pension contributions under the auto-enrolment regime and also makes contributions to the director's personal pension scheme. Contributions payable are charged to the profit and loss account in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

PHIL ADDY ASSOCIATES LIMITED (REGISTERED NUMBER: 03664010)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 April 2022 5,642
Additions 589
Disposals (3,540 )
At 31 March 2023 2,691
DEPRECIATION
At 1 April 2022 4,365
Charge for year 437
Eliminated on disposal (3,540 )
At 31 March 2023 1,262
NET BOOK VALUE
At 31 March 2023 1,429
At 31 March 2022 1,277

5. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 April 2022
and 31 March 2023 120,000
NET BOOK VALUE
At 31 March 2023 120,000
At 31 March 2022 120,000

Fair value at 31 March 2023 is represented by:
£
Valuation in 2018 31,717
Valuation in 2021 20,000
Cost 68,283
120,000

The investment property is valued at £120,000 by the directors at 31 March 2023 based on current market conditions.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 188,397 156,033
Other debtors 7,843 6,387
196,240 162,420

PHIL ADDY ASSOCIATES LIMITED (REGISTERED NUMBER: 03664010)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts 10,020 16,951
Trade creditors 9,642 789
Taxation and social security 86,507 56,782
Other creditors 15,140 7,966
121,309 82,488

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£ £
Bank loans 21,646 36,864

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£ £
Bank loans 31,666 53,815

The bank loans are secured over the investment property and other assets of the company.