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REGISTERED NUMBER: 11017547 (England and Wales)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

Phillips Property Company Limited

Phillips Property Company Limited (Registered number: 11017547)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 7

Phillips Property Company Limited

Company Information
for the Year Ended 28 February 2023







DIRECTOR: D Phillips





REGISTERED OFFICE: 24 Picton House
Hussar Court
Waterlooville
Hampshire
PO7 7SQ





REGISTERED NUMBER: 11017547 (England and Wales)





ACCOUNTANTS: Johnston Wood Roach Limited
24 Picton House
Hussar Court
Waterlooville
Hampshire
PO7 7SQ

Phillips Property Company Limited (Registered number: 11017547)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 40,352 7,743
Investment property 5 447,747 358,167
488,099 365,910

CURRENT ASSETS
Debtors 6 1 1
Cash at bank 19,544 6,205
19,545 6,206
CREDITORS
Amounts falling due within one year 7 236,863 106,391
NET CURRENT LIABILITIES (217,318 ) (100,185 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

270,781

265,725

CREDITORS
Amounts falling due after more than one
year

8

(247,370

)

(247,370

)

PROVISIONS FOR LIABILITIES (2,755 ) (2,755 )
NET ASSETS 20,656 15,600

CAPITAL AND RESERVES
Called up share capital 9 1 1
Fair value reserve 10 11,745 11,745
Retained earnings 8,910 3,854
SHAREHOLDERS' FUNDS 20,656 15,600

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Property Company Limited (Registered number: 11017547)

Balance Sheet - continued
28 February 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 director and authorised for issue on 23 October 2023 and were signed by:





D Phillips - Director


Phillips Property Company Limited (Registered number: 11017547)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Phillips Property Company 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 (£).


Accounts are rounded to the nearest pound.

The accounts represent the company as an individual entity.

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 as modified by the revaluation of certain assets.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recongnised in the fair value reserve account.

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.

3. EMPLOYEES AND DIRECTORS

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

Phillips Property Company Limited (Registered number: 11017547)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

4. TANGIBLE FIXED ASSETS
Improvements
to
property
£   
COST
At 1 March 2022 9,559
Additions 37,093
At 28 February 2023 46,652
DEPRECIATION
At 1 March 2022 1,816
Charge for year 4,484
At 28 February 2023 6,300
NET BOOK VALUE
At 28 February 2023 40,352
At 28 February 2022 7,743

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022 358,167
Additions 89,580
At 28 February 2023 447,747
NET BOOK VALUE
At 28 February 2023 447,747
At 28 February 2022 358,167

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2021 14,500
Cost 433,247
447,747

If following historic cost had not been revalued it would have been included at the following historical cost:

28.2.23 28.2.22
£    £   
Cost 228,227 228,227

Investment property was valued on an open market basis on 28 February 2021 by the Director .

Phillips Property Company Limited (Registered number: 11017547)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Other debtors 1 1

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade creditors 130 5,249
Amounts owed to group undertakings 233,660 98,660
Taxation and social security - 430
Other creditors 3,073 2,052
236,863 106,391

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Bank loans 247,370 247,370

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 247,370 247,370

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.2.23 28.2.22
value: £    £   
1 Ordinary £1 1 1

10. RESERVES
Fair
value
reserve
£   
At 1 March 2022
and 28 February 2023 11,745

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is D Phillips.

Phillips Property Company Limited

Report of the Accountants to the Director of
Phillips Property Company Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 28 February 2023 set out on pages three to nine and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Johnston Wood Roach Limited
24 Picton House
Hussar Court
Waterlooville
Hampshire
PO7 7SQ


Date: .............................................