Registered number
04657053
Phil Fallows Limited
Unaudited Filleted Accounts
For the Year Ended
28 February 2023
Phil Fallows Limited
Registered number: 04657053
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 - 750
Tangible assets 4 36,799 28,172
36,799 28,922
Current assets
Stocks 1,828 1,665
Debtors 5 - 605
Cash at bank and in hand 10,794 26,736
12,622 29,006
Creditors: amounts falling due within one year 6 (19,565) (27,107)
Net current (liabilities)/assets (6,943) 1,899
Total assets less current liabilities 29,856 30,821
Creditors: amounts falling due after more than one year 7 (12,721) (2,500)
Provisions for liabilities (6,991) (5,352)
Net assets 10,144 22,969
Capital and reserves
Called up share capital 100 100
Profit and loss account 10,044 22,869
Shareholders' funds 10,144 22,969
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P L Fallows
Director
Approved by the board on 7 November 2023
Phil Fallows Limited
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings and equipment 10% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2022 15,000
At 28 February 2023 15,000
Amortisation
At 1 March 2022 14,250
Provided during the year 750
At 28 February 2023 15,000
Net book value
At 28 February 2023 -
At 28 February 2022 750
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 March 2022 23,224 17,500 40,724
Additions - 13,746 13,746
At 28 February 2023 23,224 31,246 54,470
Depreciation
At 1 March 2022 11,094 1,458 12,552
Charge for the year 1,109 4,010 5,119
At 28 February 2023 12,203 5,468 17,671
Net book value
At 28 February 2023 11,021 25,778 36,799
At 28 February 2022 12,130 16,042 28,172
5 Debtors 2023 2022
£ £
Other debtors - 605
6 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 3,274 3,750
Trade creditors 148 54
Taxation and social security costs 11,397 5,871
Other creditors 4,746 17,432
19,565 27,107
7 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 12,721 2,500
8 Controlling party
The controlling party is P L Fallows by virtue of his ownership of 80% of the issued ordinary share capital in the company.
9 Other information
Phil Fallows Limited is a private company limited by shares and incorporated in England. Its registered office is:
7 The Promenade
Arnside
Lancashire
LA5 0HF
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