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REGISTERED NUMBER: 08981322 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2023

for

W E Phillips Limited

W E Phillips Limited (Registered number: 08981322)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


W E Phillips Limited

Company Information
for the Year Ended 31 July 2023







DIRECTORS: J L Phillips
P Tomasevic





REGISTERED OFFICE: 86 Friar Lane
Nottingham
Nottinghamshire
NG1 6EB





REGISTERED NUMBER: 08981322 (England and Wales)





ACCOUNTANTS: Bostockwhite Limited
Cabourn House
Station Street
Bingham
Nottinghamshire
NG13 8AQ

W E Phillips Limited (Registered number: 08981322)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 34,595 36,827
34,595 36,827

CURRENT ASSETS
Stocks 2,500 2,500
Debtors 6 1,532 1,456
Cash at bank and in hand 163,743 152,206
167,775 156,162
CREDITORS
Amounts falling due within one year 7 143,707 147,726
NET CURRENT ASSETS 24,068 8,436
TOTAL ASSETS LESS CURRENT
LIABILITIES

58,663

45,263

PROVISIONS FOR LIABILITIES 8 5,941 4,575
NET ASSETS 52,722 40,688

CAPITAL AND RESERVES
Called up share capital 9 2 2
Retained earnings 52,720 40,686
SHAREHOLDERS' FUNDS 52,722 40,688

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

W E Phillips Limited (Registered number: 08981322)

Balance Sheet - continued
31 July 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 Board of Directors and authorised for issue on 24 October 2023 and were signed on its behalf by:





J L Phillips - Director


W E Phillips Limited (Registered number: 08981322)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

W E Phillips 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.

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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance, 15% on reducing balance and 10% on reducing balance

Tangible fixed assets are initially recognised at cost which is the purchase price plus any directly attributable costs. Subsequently, tangible fixed assets are measured at cost accumulated depreciation and impairment losses.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

W E Phillips Limited (Registered number: 08981322)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2022
and 31 July 2023 90,000
AMORTISATION
At 1 August 2022
and 31 July 2023 90,000
NET BOOK VALUE
At 31 July 2023 -
At 31 July 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2022 131,155
Additions 4,788
At 31 July 2023 135,943
DEPRECIATION
At 1 August 2022 94,328
Charge for year 7,020
At 31 July 2023 101,348
NET BOOK VALUE
At 31 July 2023 34,595
At 31 July 2022 36,827

W E Phillips Limited (Registered number: 08981322)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Other debtors 1,532 1,456

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade creditors 15,957 21,316
Taxation and social security 31,305 27,848
Other creditors 96,445 98,562
143,707 147,726

8. PROVISIONS FOR LIABILITIES
31.7.23 31.7.22
£    £   
Deferred tax 5,941 4,575

Deferred
tax
£   
Balance at 1 August 2022 4,575
Provided during year 1,366
Balance at 31 July 2023 5,941

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.23 31.7.22
value: £    £   
2 Ordinary £1.00 2 2