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REGISTERED NUMBER: 05970946 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

PHELPS BROTHERS LIMITED

PHELPS BROTHERS LIMITED (REGISTERED NUMBER: 05970946)






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


PHELPS BROTHERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: R L Phelps
R Phelps





SECRETARY: R Phelps





REGISTERED OFFICE: Sudmeadow Road
Hempsted
Gloucester
GL2 6HS





REGISTERED NUMBER: 05970946 (England and Wales)





ACCOUNTANTS: Randall & Payne LLP
Chartered Accountants
Chargrove House
Shurdington Road
Cheltenham
Gloucestershire
GL51 4GA

PHELPS BROTHERS LIMITED (REGISTERED NUMBER: 05970946)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 453,042 520,891
453,042 520,891

CURRENT ASSETS
Stocks 57,044 94,467
Debtors 6 169,896 218,355
Cash at bank and in hand 170,264 499,372
397,204 812,194
CREDITORS
Amounts falling due within one year 7 249,489 370,131
NET CURRENT ASSETS 147,715 442,063
TOTAL ASSETS LESS CURRENT
LIABILITIES

600,757

962,954

CREDITORS
Amounts falling due after more than one
year

8

(125,269

)

(213,094

)

PROVISIONS FOR LIABILITIES (21,533 ) (74,111 )
NET ASSETS 453,955 675,749

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 453,953 675,747
SHAREHOLDERS' FUNDS 453,955 675,749

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.

PHELPS BROTHERS LIMITED (REGISTERED NUMBER: 05970946)

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 October 2023 and were signed on its behalf by:




R Phelps - Director



R L Phelps - Director


PHELPS BROTHERS LIMITED (REGISTERED NUMBER: 05970946)

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

1. STATUTORY INFORMATION

Phelps Brothers 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.

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


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.

The directors have considered the company's current state of affairs and its cash flows and consider that the company should have access to adequate working capital and funding to enable it to continue to trade for a period of at least twelve months from the date of signing of these accounts. The accounts have therefore been prepared on the going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill has been fully written-off.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on cost
Plant and machinery - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer & alarm equipment - 33.33% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors and directors loans.

Directors loans ( being repayable on demand ), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.


PHELPS BROTHERS LIMITED (REGISTERED NUMBER: 05970946)

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

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Provisions
Provisions are set up only where a present obligation exists as a result of an event prior to the balance sheet date and it is probable that a payment will be required in settlement that can be estimated reliably.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 13 ) .

PHELPS BROTHERS LIMITED (REGISTERED NUMBER: 05970946)

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 100,000
AMORTISATION
At 1 April 2022
and 31 March 2023 100,000
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

5. TANGIBLE FIXED ASSETS
Improvements Computer
to Plant and Motor & alarm
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 46,203 1,602,705 322,328 47,484 2,018,720
Additions - 7,514 33,790 - 41,304
At 31 March 2023 46,203 1,610,219 356,118 47,484 2,060,024
DEPRECIATION
At 1 April 2022 46,202 1,206,529 204,346 40,752 1,497,829
Charge for year 1 79,955 26,976 2,221 109,153
At 31 March 2023 46,203 1,286,484 231,322 42,973 1,606,982
NET BOOK VALUE
At 31 March 2023 - 323,735 124,796 4,511 453,042
At 31 March 2022 1 396,176 117,982 6,732 520,891


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 110,451 102,720
Other debtors 11,091 71,715
Prepayments 48,354 43,920
169,896 218,355

PHELPS BROTHERS LIMITED (REGISTERED NUMBER: 05970946)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 87,783 81,435
Trade creditors 24,632 53,941
VAT 89,016 115,889
Pension control 763 672
Other creditors 14,411 27,070
Directors' current accounts 22,594 79,839
Accrued expenses 10,290 11,285
249,489 370,131

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 125,269 213,094

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Directors and family loans 36,922 106,909
Assets held under HP 213,052 294,529
249,974 401,438

Directors and family loans are secured by a charge on the company's assets.

Hire purchase liabilities are secured against the assets to which they relate.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
R L Phelps
Balance outstanding at start of year (17,492 ) (11,983 )
Amounts advanced (736 ) (18,996 )
Amounts repaid 13,945 13,487
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (4,283 ) (17,492 )

PHELPS BROTHERS LIMITED (REGISTERED NUMBER: 05970946)

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

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

R Phelps
Balance outstanding at start of year (62,347 ) (50,628 )
Amounts advanced (2,727 ) (14,151 )
Amounts repaid 46,763 2,432
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (18,311 ) (62,347 )

11. RELATED PARTY DISCLOSURES

The company occupies premises owned by Phelps Brothers (Land) Limited for which no rent is payable. Phelps Brothers (Land) Limited is the parent company of Phelps Brothers Limited.

The company has paid interest on the directors loan accounts at 7% per annum. The loans are secured and repayable on demand.