Silverfin false 31/05/2023 01/06/2022 31/05/2023 P Hughes 12/11/2010 30 October 2023 The principal activity of the Company during the financial year was that of a property investment company. 07438562 2023-05-31 07438562 bus:Director1 2023-05-31 07438562 2022-05-31 07438562 core:CurrentFinancialInstruments 2023-05-31 07438562 core:CurrentFinancialInstruments 2022-05-31 07438562 core:ShareCapital 2023-05-31 07438562 core:ShareCapital 2022-05-31 07438562 core:RetainedEarningsAccumulatedLosses 2023-05-31 07438562 core:RetainedEarningsAccumulatedLosses 2022-05-31 07438562 2022-06-01 2023-05-31 07438562 bus:FullAccounts 2022-06-01 2023-05-31 07438562 bus:SmallEntities 2022-06-01 2023-05-31 07438562 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 07438562 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 07438562 bus:Director1 2022-06-01 2023-05-31 07438562 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure

Company No: 07438562 (England and Wales)

PHILIP HUGHES PROPERTY LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2023
Pages for filing with the registrar

PHILIP HUGHES PROPERTY LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2023

Contents

PHILIP HUGHES PROPERTY LIMITED

BALANCE SHEET

As at 31 May 2023
PHILIP HUGHES PROPERTY LIMITED

BALANCE SHEET (continued)

As at 31 May 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 635,370 635,370
635,370 635,370
Current assets
Cash at bank and in hand 20,119 36,022
20,119 36,022
Creditors: amounts falling due within one year 4 ( 240,002) ( 277,549)
Net current liabilities (219,883) (241,527)
Total assets less current liabilities 415,487 393,843
Net assets 415,487 393,843
Capital and reserves
Called-up share capital 10 10
Profit and loss account 415,477 393,833
Total shareholder's funds 415,487 393,843

For the financial year ending 31 May 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 financial statements of Philip Hughes Property Limited (registered number: 07438562) were approved and authorised for issue by the Director on 30 October 2023. They were signed on its behalf by:

P Hughes
Director
PHILIP HUGHES PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
PHILIP HUGHES PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Philip Hughes Property Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom. The principal place of business is Ossemsley Fields, Ossemsley, Christchurch, Dorset, BH23 7EE.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises rental income received.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Investment property

Investment property is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. The property has been included in the accounts at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Investment property

Investment property
£
Valuation
As at 01 June 2022 635,370
As at 31 May 2023 635,370

There has been no valuation of investment property by an independent valuer.

4. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to director 230,137 267,885
Accruals 2,677 2,221
Corporation tax 7,188 7,443
240,002 277,549