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REGISTERED NUMBER: 08274280 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

FOR

PHIX (NEWMARKET) LTD

PHIX (NEWMARKET) LTD (REGISTERED NUMBER: 08274280)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PHIX (NEWMARKET) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: Mr K W Teo
Ms M F V Caetano





REGISTERED OFFICE: 47 Lille Road
London
London
SW6 1UD





REGISTERED NUMBER: 08274280 (England and Wales)





ACCOUNTANTS: TBW Accountancy Limited
E3 The Premier Centre
Abbey Park
Romsey
Hampshire
SO51 9DG

PHIX (NEWMARKET) LTD (REGISTERED NUMBER: 08274280)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 761 761

CURRENT ASSETS
Stocks 882,099 1,448,746
Debtors 5 9,571 2,971,563
Cash at bank 38,565 3,937
930,235 4,424,246
CREDITORS
Amounts falling due within one year 6 917,415 3,179,913
NET CURRENT ASSETS 12,820 1,244,333
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,581

1,245,094

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 13,481 1,244,994
13,581 1,245,094

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

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

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 11 October 2023 and were signed on its behalf by:





Mr K W Teo - Director


PHIX (NEWMARKET) LTD (REGISTERED NUMBER: 08274280)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

Phix (Newmarket) 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.

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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover comprises of revenue recognised by the company in respect of residential properties sold during the year, net of incentives.

Revenue from the sale of residential properties is recognised when the company has transferred the significant risks and rewards of ownership to the buyer and it is probable that the company will receive the agreed payment. These criteria are considered to be met on completion of the transactions.

Consideration received in advance for the sale of residential properties are deferred and credited to revenue when the related transactions are completed under the contract terms.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 50% on cost

Stocks
Stock of properties are stated at lower of cost and net realisable value. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When properties are sold, the carrying amount of these properties is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stock to net realisable value are recognised as an expense in the period in which the write-down occurs. The amount of any reversal of any write-down of stock is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

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.


PHIX (NEWMARKET) LTD (REGISTERED NUMBER: 08274280)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 July 2022
and 30 June 2023 1,521
DEPRECIATION
At 1 July 2022
and 30 June 2023 760
NET BOOK VALUE
At 30 June 2023 761
At 30 June 2022 761

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 1,000
Amounts owed by group undertakings - 2,945,731
Other debtors 8,000 8,000
Tax - 5,470
VAT 403 892
Prepayments and accrued income 1,168 10,470
9,571 2,971,563

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 18,879 1,902,415
Other creditors 882,000 1,264,240
Accruals and deferred income - 6,000
Accrued expenses 16,536 7,258
917,415 3,179,913

PHIX (NEWMARKET) LTD (REGISTERED NUMBER: 08274280)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

7. RELATED PARTY DISCLOSURES

At the 30 June 2023, the company owed £880,000 (2022: £903,860) to Lillie Investments Limited, this company is controlled by the director, Mr Kok Woon Teo.

This balance is included in Other Creditors. This loan is interest free and are repayable on demand.

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr K W Teo.

The company's ultimate parent company is Phix Residential Limited, a company incorporated in England and Wales with registered office at 47 Lillie Road, London, SW6 1U, United Kingdom.