REGISTERED NUMBER: |
Phillips Osborne Limited |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
REGISTERED NUMBER: |
Phillips Osborne Limited |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
Phillips Osborne Limited (Registered number: 04784246) |
Contents of the Financial Statements |
for the year ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Phillips Osborne Limited |
Company Information |
for the year ended 31 March 2023 |
Director: |
Registered office: |
Registered number: |
Accountants: |
Chartered Accountants |
250 Fowler Avenue |
Farnborough |
Hampshire |
GU14 7JP |
Phillips Osborne Limited (Registered number: 04784246) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
Current assets |
Cash at bank |
Creditors |
Amounts falling due within one year | 5 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 6 |
Retained earnings | 7 |
Shareholders' funds |
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. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Phillips Osborne Limited (Registered number: 04784246) |
Notes to the Financial Statements |
for the year ended 31 March 2023 |
1. | Statutory information |
Phillips Osborne Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound. |
The principal accounting policies adopted are set out below. |
Turnover |
Turnover primarily represents net amounts receivable, including case disbursements, for professional work undertaken under the legal services commission contract. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Financial instruments |
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. |
Basic financial assets |
Basic financial assets, which include trade and other debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised. |
Classification of financial liabilities |
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. |
Basic financial liabilities |
Basic financial liabilities, including creditors, are recognised at transaction. Financial liabilities classified as payable within one year are not amortised. |
Equity Instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
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. |
Financial instruments |
Cash and cash equivalents |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management. |
3. | Employees and directors |
The average number of employees during the year was |
Phillips Osborne Limited (Registered number: 04784246) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
4. | Tangible fixed assets |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
Cost |
At 1 April 2022 |
and 31 March 2023 |
Depreciation |
At 1 April 2022 |
and 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
5. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Taxation and social security |
Other creditors |
6. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A | £1 | 100 | 100 |
Ordinary B | £1 | 100 | 100 |
200 | 200 |
Both Ordinary A and B shares rank equally and carry the same rights. |
7. | Reserves |
Retained |
earnings |
£ |
At 1 April 2022 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2023 |
8. | Ultimate controlling party |
The company is controlled by M. Phillips and his spouse by virtue of their 100% ownership of the issued ordinary share capital of the company. |