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Company No: 12158370 (England and Wales)

PHIPPS LEISURE LTD

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

PHIPPS LEISURE LTD

Unaudited Financial Statements

For the financial year ended 31 August 2023

Contents

PHIPPS LEISURE LTD

STATEMENT OF FINANCIAL POSITION

As at 31 August 2023
PHIPPS LEISURE LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 3,036 0
3,036 0
Current assets
Cash at bank and in hand 62,986 31,404
62,986 31,404
Creditors: amounts falling due within one year 4 ( 44,086) ( 38,311)
Net current assets/(liabilities) 18,900 (6,907)
Total assets less current liabilities 21,936 (6,907)
Provision for liabilities 5 ( 577) 0
Net assets/(liabilities) 21,359 ( 6,907)
Capital and reserves
Called-up share capital 6 2 2
Profit and loss account 21,357 ( 6,909 )
Total shareholders' funds/(deficit) 21,359 ( 6,907)

For the financial year ending 31 August 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Phipps Leisure Ltd (registered number: 12158370) were approved and authorised for issue by the Director on 31 January 2024. They were signed on its behalf by:

Robert John William Phipps
Director
PHIPPS LEISURE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
PHIPPS LEISURE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 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

Phipps Leisure Ltd (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 Fairway Pottery Road, Bovey Tracey, Newton Abbot, TQ13 9DS, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have 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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 September 2022 0 0
Additions 3,265 3,265
At 31 August 2023 3,265 3,265
Accumulated depreciation
At 01 September 2022 0 0
Charge for the financial year 229 229
At 31 August 2023 229 229
Net book value
At 31 August 2023 3,036 3,036
At 31 August 2022 0 0

4. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to directors 37,568 37,352
Accruals 2,050 959
Taxation and social security 4,468 0
44,086 38,311

5. Deferred tax

2023 2022
£ £
At the beginning of financial year 0 0
Charged to the Statement of Income and Retained Earnings ( 577) 0
At the end of financial year ( 577) 0

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

7. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed to directors by the Company 37,568 37,352

There is no interest charged and there are no fixed repayment terms.