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Company Registration No. 04259001 (England and Wales)
Phillips Design Limited Unaudited accounts for the year ended 31 March 2023
Phillips Design Limited Unaudited accounts Contents
Page
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Phillips Design Limited Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
4,829 
6,438 
Current assets
Inventories
720 
255 
Debtors
4,153 
7,957 
Cash at bank and in hand
54,943 
60,926 
59,816 
69,138 
Creditors: amounts falling due within one year
(13,967)
(16,008)
Net current assets
45,849 
53,130 
Total assets less current liabilities
50,678 
59,568 
Creditors: amounts falling due after more than one year
(9,670)
(13,908)
Provisions for liabilities
Deferred tax
(918)
(1,223)
Net assets
40,090 
44,437 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
39,990 
44,337 
Shareholders' funds
40,090 
44,437 
For the year ending 31 March 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
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 of Directors and authorised for issue on 26 September 2023 and were signed on its behalf by
David Phillips Director Company Registration No. 04259001
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Phillips Design Limited Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
Phillips Design Limited is a private company, limited by shares, registered in England and Wales, registration number 04259001. The registered office is Phillips Design Services, 99 Station Road, Ashington, Northumberland, NE63 8RS, England.
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
These financial statements for the year ended 31 March 2023 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 April 2021. The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously. The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
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:
Plant & machinery
25
Motor vehicles
25
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 April 2022
23,795 
7,448 
31,243 
At 31 March 2023
23,795 
7,448 
31,243 
Depreciation
At 1 April 2022
22,943 
1,862 
24,805 
Charge for the year
213 
1,396 
1,609 
At 31 March 2023
23,156 
3,258 
26,414 
Net book value
At 31 March 2023
639 
4,190 
4,829 
At 31 March 2022
852 
5,586 
6,438 
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Phillips Design Limited Notes to the Accounts for the year ended 31 March 2023
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
4,020 
7,914 
Accrued income and prepayments
133 
43 
4,153 
7,957 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
4,200 
3,961 
VAT
4,569 
3,805 
Trade creditors
1,323 
2,957 
Taxes and social security
1,368 
2,257 
Accruals
2,507 
3,028 
13,967 
16,008 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
9,670 
13,908 
8
Average number of employees
During the year the average number of employees was 2 (2022: 2).
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