Registration number:
Phillips (Holdings) Limited
for the Year Ended 1 February 2023
Phillips (Holdings) Limited
(Registration number: NI004939)
Balance Sheet as at 1 February 2023
Note |
2023 |
2022 |
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Fixed assets |
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Investment property |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
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Called up share capital |
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:
• |
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• |
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
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Phillips (Holdings) Limited
Notes to the Unaudited Financial Statements for the Year Ended 1 February 2023
General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
These financial statements were authorised for issue by the
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
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Phillips (Holdings) Limited
Notes to the Unaudited Financial Statements for the Year Ended 1 February 2023
Investment properties |
2023 |
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At 2 February 2022 |
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At 1 February 2023 |
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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.
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Stocks |
2023 |
2022 |
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Development land |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Phillips (Holdings) Limited
Notes to the Unaudited Financial Statements for the Year Ended 1 February 2023
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 |
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Other creditors |
|
- |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
|
|
|
5,000 |
|
5,000 |