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REGISTERED NUMBER: 02207448 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 April 2023

for

PHILLIPS FOILS LIMITED

PHILLIPS FOILS LIMITED (Registered number: 02207448)






Contents of the Financial Statements
for the Year Ended 30 April 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PHILLIPS FOILS LIMITED

Company Information
for the Year Ended 30 April 2023







DIRECTORS: P LO
A P W LO





SECRETARY: P LO





REGISTERED OFFICE: XIANG And CO
BURRELL HOUSE
44 BROADWAY
LONDON
E15 1XH





REGISTERED NUMBER: 02207448 (England and Wales)






PHILLIPS FOILS LIMITED (Registered number: 02207448)

Balance Sheet
30 April 2023

30.4.23 30.4.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 300,000 -
Tangible assets 5 197 420,214
300,197 420,214

CURRENT ASSETS
Stocks 6 8,192 58,366
Debtors 7 475,983 516,614
Cash at bank and in hand 187,256 176,703
671,431 751,683
CREDITORS
Amounts falling due within one year 8 301,140 352,728
NET CURRENT ASSETS 370,291 398,955
TOTAL ASSETS LESS CURRENT
LIABILITIES

670,488

819,169

CREDITORS
Amounts falling due after more than one
year

9

-

(183,530

)

PROVISIONS FOR LIABILITIES (3,421 ) (2,187 )
NET ASSETS 667,067 633,452

CAPITAL AND RESERVES
Called up share capital 11 125,000 125,000
Other reserves 12 298,313 298,313
Retained earnings 12 243,754 210,139
SHAREHOLDERS' FUNDS 667,067 633,452

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

PHILLIPS FOILS LIMITED (Registered number: 02207448)

Balance Sheet - continued
30 April 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 19 October 2023 and were signed on its behalf by:





P LO - Director


PHILLIPS FOILS LIMITED (Registered number: 02207448)

Notes to the Financial Statements
for the Year Ended 30 April 2023

1. STATUTORY INFORMATION

PHILLIPS FOILS 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.

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

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.

Trademark are being amortised evenly over their estimated useful life of nil years.

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

Freehold Property 2% on cost
Plant and Machinery 12.5% on cost
Computer Equipment 20% on cost
Motor Vehicles 20% on cost

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

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.

PHILLIPS FOILS LIMITED (Registered number: 02207448)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

2. ACCOUNTING POLICIES - continued

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 8 (2022 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 300,000
At 30 April 2023 300,000
NET BOOK VALUE
At 30 April 2023 300,000

5. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 May 2022 455,000 377,421 26,601 135,311 994,333
Disposals (455,000 ) - - - (455,000 )
At 30 April 2023 - 377,421 26,601 135,311 539,333
DEPRECIATION
At 1 May 2022 35,039 377,168 26,601 135,311 574,119
Charge for year - 56 - - 56
Eliminated on disposal (35,039 ) - - - (35,039 )
At 30 April 2023 - 377,224 26,601 135,311 539,136
NET BOOK VALUE
At 30 April 2023 - 197 - - 197
At 30 April 2022 419,961 253 - - 420,214

Including in Tangible Fixed Assets are assets held under the financial lease and hire purchase contracts with
a net book value at 30 April 2023 £1,118 (2022: £7,418).The depreciation charge for the year relating to these assets amounted to £197 (2022: £15,603).

6. STOCKS
30.4.23 30.4.22
£    £   
Finished goods 8,192 58,366

PHILLIPS FOILS LIMITED (Registered number: 02207448)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Trade debtors 180,947 270,836
Other debtors 294,744 245,429
Hire Purchase contract 292 349
475,983 516,614

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Hire purchase contracts - 7,418
Trade creditors 81,456 102,074
Tax 57,191 40,979
Social security and other taxes 26,130 20,636
VAT 22,690 29,044
Directors' current accounts 55,000 100,000
Accrued expenses 58,673 52,577
301,140 352,728

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.23 30.4.22
£    £   
Bank loans - 1-2 years - 21,080
Bank loans - 2-5 years - 81,442
Bank loans more 5 yr by instal - 81,008
- 183,530

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 81,008

10. SECURED DEBTS

The following secured debts are included within creditors:

30.4.23 30.4.22
£    £   
Bank loans - 183,530
Hire purchase contracts - 7,418
- 190,948

PHILLIPS FOILS LIMITED (Registered number: 02207448)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.23 30.4.22
value: £    £   
12,500 Ordinary Share Capital £1 12,500 12,500
112,500 'A' Ordinary shares £1 112,500 112,500
125,000 125,000

12. RESERVES
Retained Other
earnings reserves Totals
£    £    £   

At 1 May 2022 210,139 298,313 508,452
Profit for the year 233,615 233,615
Dividends (200,000 ) (200,000 )
At 30 April 2023 243,754 298,313 542,067

13. PENSION COMMITMENTS

The company operates a defined contribution pension scheme.

The assets of the scheme are held in a fund independent from the assets of the company.

The pension cost charge represents contributions to the funds under the rules of the schemes. The total charge for the year was £124,649 (2022: £84,852).

14. RELATED PARTY DISCLOSURES

The company has been controlled throughout the period by its parent company PFL UK Limited. As at the balance sheet date the amount owed by PFL UK Limited was £193,701(2022: £193,701).

A P Lo and P Y Lo are also directors of PFL UK Limited, the holding company
,
As at the year end, the company paid the amount of £90,015 (2022: £58,509) to P Y Lo and £109,985 (2022: £71,490) to A P W Lo as dividend.They are both directors of the company.

15. ULTIMATE CONTROLLING PARTY

The company was under the control of A P Lo who has a controlling interest in PFL UK Limited, the holding company.