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
Phillips Design Limited
Statement of financial position
as at 31 March 2023
Tangible assets
4,829
6,438
Cash at bank and in hand
54,943
60,926
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
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
Phillips Design Limited
Notes to the Accounts
for the year ended 31 March 2023
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.
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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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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:
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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
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
At 31 March 2023
639
4,190
4,829
At 31 March 2022
852
5,586
6,438
Phillips Design Limited
Notes to the Accounts
for the year ended 31 March 2023
Amounts falling due within one year
Accrued income and prepayments
133
43
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
4,200
3,961
Trade creditors
1,323
2,957
Taxes and social security
1,368
2,257
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Creditors: amounts falling due after more than one year
2023
2022
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Average number of employees
During the year the average number of employees was 2 (2022: 2).