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REGISTERED NUMBER: 13770431 (England and Wales)

















PHILLIPS PROPERTY LETTINGS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

29 NOVEMBER 2021 TO 30 NOVEMBER 2022






PHILLIPS PROPERTY LETTINGS LIMITED (REGISTERED NUMBER: 13770431)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 29 NOVEMBER 2021 TO 30 NOVEMBER 2022




Page

Balance Sheet 1

Notes to the Financial Statements 2


PHILLIPS PROPERTY LETTINGS LIMITED (REGISTERED NUMBER: 13770431)

BALANCE SHEET
30 NOVEMBER 2022

Notes £    £   
FIXED ASSETS
Investment property 4 190,000

CURRENT ASSETS
Cash at bank 4,455

CREDITORS
Amounts falling due within one year 5 52,952
NET CURRENT LIABILITIES (48,497 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

141,503

CREDITORS
Amounts falling due after more than one year 6 (131,420 )

PROVISIONS FOR LIABILITIES (1,816 )
NET ASSETS 8,267

CAPITAL AND RESERVES
Called up share capital 100
Fair value reserve 8 7,744
Retained earnings 423
SHAREHOLDERS' FUNDS 8,267

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 November 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 November 2022 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.

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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2023 and were signed on its behalf by:





D K Phillips - Director


PHILLIPS PROPERTY LETTINGS LIMITED (REGISTERED NUMBER: 13770431)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 29 NOVEMBER 2021 TO 30 NOVEMBER 2022

1. STATUTORY INFORMATION

Phillips Property Lettings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 13770431

Registered office: 71 Knowl Piece
Wilbury Way
Hitchin
Hertfordshire
SG4 0TY

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Going Concern
The directors are of the opinion that it is appropriate to prepare the accounts on the going concern basis, because they have confirmed their continued support for the company for the foreseeable future.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty.

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

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.


PHILLIPS PROPERTY LETTINGS LIMITED (REGISTERED NUMBER: 13770431)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 NOVEMBER 2021 TO 30 NOVEMBER 2022

2. ACCOUNTING POLICIES - continued
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 period 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL.

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 180,440
Revaluations 9,560
At 30 November 2022 190,000
NET BOOK VALUE
At 30 November 2022 190,000

Fair value at 30 November 2022 is represented by:
£   
Valuation in 22 9,560
Cost 180,440
190,000

The directors considers the value of the company's interest in its investment property on an open market basis at 30 November 2022 to be £190,000.

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Taxation and social security 137
Other creditors 52,815
52,952

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
£   
Bank loans 131,420

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 131,420

PHILLIPS PROPERTY LETTINGS LIMITED (REGISTERED NUMBER: 13770431)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 NOVEMBER 2021 TO 30 NOVEMBER 2022

7. SECURED DEBTS

The following secured debts are included within creditors:

£   
Bank loans 131,420

The bank loan is secured by way of a charge due on the investment property of the company.

8. RESERVES
Fair
value
reserve
£   
Revaluation 7,744

At 30 November 2022 7,744

9. RELATED PARTY DISCLOSURES

During the period, loans from related parties total £51,602 of which £Nil was repaid in the period. No loans were made to related parties during the period. The amount due to them at the balance sheet date is included in creditors as follows:

£
Nature of relationship
Directors (62 )
Entity with common ownership, control and directorship (51,540 )

Interest of 0% is charged on the unsecured loans and they are repayable on demand.