Company Registration No. 11404474 (England and Wales)
Phillips Schroeder Surety Limited
Unaudited accounts
for the year ended 31 December 2023
Phillips Schroeder Surety Limited
Unaudited accounts
Contents
Phillips Schroeder Surety Limited
Company Information
for the year ended 31 December 2023
Secretary
Richard Phillips
Company Number
11404474 (England and Wales)
Registered Office
67 Alresford Road
Winchester
Hampshire
SO23 0LA
England
Accountants
Woods Russell Limited
First Floor Unit S
Loddon Business Centre
Roentgen Road
Basingstoke
RG24 8NG
Phillips Schroeder Surety Limited
Statement of financial position
as at 31 December 2023
Tangible assets
33,804
1,792
Cash at bank and in hand
252,876
489,294
Creditors: amounts falling due within one year
(208,850)
(223,338)
Net current assets
346,473
268,890
Net assets
380,277
270,682
Called up share capital
1,000
1,000
Profit and loss account
379,277
269,682
Shareholders' funds
380,277
270,682
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 5 March 2024 and were signed on its behalf by
Richard Phillips
Director
Company Registration No. 11404474
Phillips Schroeder Surety Limited
Notes to the Accounts
for the year ended 31 December 2023
Phillips Schroeder Surety Limited is a private company, limited by shares, registered in England and Wales, registration number 11404474. The registered office is 67 Alresford Road, Winchester, Hampshire, SO23 0LA, England.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 December 2023 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 January 2022.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% Reducing balance
Computer equipment
25% Reducing balance
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Phillips Schroeder Surety Limited
Notes to the Accounts
for the year ended 31 December 2023
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Tangible fixed assets
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 January 2023
-
3,177
3,177
Additions
41,868
1,413
43,281
At 31 December 2023
41,868
4,590
46,458
At 1 January 2023
-
1,385
1,385
Charge for the year
10,467
802
11,269
At 31 December 2023
10,467
2,187
12,654
At 31 December 2023
31,401
2,403
33,804
At 31 December 2022
-
1,792
1,792
Amounts falling due within one year
Amounts due from group undertakings etc.
300,000
-
Accrued income and prepayments
2,447
2,150
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Creditors: amounts falling due within one year
2023
2022
Trade creditors
2,029
2,760
Taxes and social security
92,494
24,310
Other creditors
1,830
1,749
Loans from directors
111,489
187,362
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Average number of employees
During the year the average number of employees was 2 (2022: 2).