Phillips (Holdings) Limited NI004939 false 2022-02-02 2023-02-01 2023-02-01 The principal activity of the company is trading as a property developer and the holding of property for rental Digita Accounts Production Advanced 6.30.9574.0 true false true NI004939 2022-02-02 2023-02-01 NI004939 2023-02-01 NI004939 bus:OrdinaryShareClass1 2023-02-01 NI004939 core:CurrentFinancialInstruments 2023-02-01 NI004939 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-01 NI004939 bus:SmallEntities 2022-02-02 2023-02-01 NI004939 bus:AuditExemptWithAccountantsReport 2022-02-02 2023-02-01 NI004939 bus:FullAccounts 2022-02-02 2023-02-01 NI004939 bus:SmallCompaniesRegimeForAccounts 2022-02-02 2023-02-01 NI004939 bus:RegisteredOffice 2022-02-02 2023-02-01 NI004939 bus:Director2 2022-02-02 2023-02-01 NI004939 bus:OrdinaryShareClass1 2022-02-02 2023-02-01 NI004939 bus:PrivateLimitedCompanyLtd 2022-02-02 2023-02-01 NI004939 countries:NorthernIreland 2022-02-02 2023-02-01 NI004939 2022-02-01 NI004939 2021-02-02 2022-02-01 NI004939 2022-02-01 NI004939 bus:OrdinaryShareClass1 2022-02-01 NI004939 core:CurrentFinancialInstruments 2022-02-01 NI004939 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-01 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI004939

Phillips (Holdings) Limited

Unaudited Filleted Financial Statements

for the Year Ended 1 February 2023

 

Phillips (Holdings) Limited

(Registration number: NI004939)
Balance Sheet as at 1 February 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

250,000

250,000

Investments

5

752

752

 

250,752

250,752

Current assets

 

Stocks

6

201,908

423,517

Debtors

7

674

656

Cash at bank and in hand

 

510,358

126,305

 

712,940

550,478

Creditors: Amounts falling due within one year

8

(817,496)

(762,293)

Net current liabilities

 

(104,556)

(211,815)

Net assets

 

146,196

38,937

Capital and reserves

 

Called up share capital

9

5,000

5,000

Retained earnings

141,196

33,937

Shareholders' funds

 

146,196

38,937

For the financial year ending 1 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Phillips (Holdings) Limited

(Registration number: NI004939)
Balance Sheet as at 1 February 2023

Approved and authorised by the director on 31 October 2023
 

.........................................
Kathleen Jane Gardner
Director

 

Phillips (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 1 February 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 18A Sketrick Island, Killinchy, BT23 6QH.

These financial statements were authorised for issue by the director on 31 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Phillips (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 1 February 2023

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Financial assets, including debtors, are reviewed at the reporting date to determine if there is any evidence of potential impairment. Any losses arising from impairment are recognised in the income statement in operating expenses.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

 

Phillips (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 1 February 2023

4

Investment properties

2023
£

At 2 February 2022

250,000

At 1 February 2023

250,000

The investment property is held at its fair open market value as estimated by the director. In reviewing the value of the property the director considers factors including rental yield, condition of the premises, existing tenant leases and demand in the local property sector. Any changes in the fair value of the property are reported through the profit and loss account.

5

Investments

2023
£

2022
£

Investments in subsidiaries

752

752

6

Stocks

2023
£

2022
£

Development land

201,908

423,517

7

Debtors

2023
£

2022
£

Trade debtors

674

656

674

656

 

Phillips (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 1 February 2023

8

Creditors

2023
£

2022
£

Owed by/(from) group undertakings

599,438

660,228

Amounts due to shareholders/beneficiaries

180,000

90,000

Accruals and deferred income

12,899

12,065

Other creditors

25,159

-

817,496

762,293

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

5,000

5,000

5,000

5,000