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REGISTERED NUMBER: 02629911 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PHILLIPS JOINERY LIMITED

PHILLIPS JOINERY LIMITED (REGISTERED NUMBER: 02629911)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 8

PHILLIPS JOINERY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: M P C Phillips
A N Phillips





SECRETARY: A N Phillips





REGISTERED OFFICE: Plot 9
Airfield Industrial Estate
Derby Road
Ashbourne
Derbyshire
DE6 1HA





REGISTERED NUMBER: 02629911 (England and Wales)





ACCOUNTANTS: Bradley Accounting Plus Ltd
41 St John Street
Ashbourne
Derbyshire
DE6 1GP

PHILLIPS JOINERY LIMITED (REGISTERED NUMBER: 02629911)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 193,441 184,358

CURRENT ASSETS
Stocks 445,880 429,391
Debtors 5 746,436 744,572
Cash at bank and in hand 413,769 299,863
1,606,085 1,473,826
CREDITORS
Amounts falling due within one year 6 684,073 680,232
NET CURRENT ASSETS 922,012 793,594
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,115,453

977,952

CREDITORS
Amounts falling due after more than one
year

7

(44,081

)

(115,923

)

PROVISIONS FOR LIABILITIES (42,427 ) (32,420 )
NET ASSETS 1,028,945 829,609

CAPITAL AND RESERVES
Called up share capital 22,505 22,505
Share premium 26,998 26,998
Retained earnings 979,442 780,106
SHAREHOLDERS' FUNDS 1,028,945 829,609

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

PHILLIPS JOINERY LIMITED (REGISTERED NUMBER: 02629911)

BALANCE SHEET - continued
31 DECEMBER 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2024 and were signed on its behalf by:




A N Phillips - Director M P C Phillips - Director




H Stubbs - Director


PHILLIPS JOINERY LIMITED (REGISTERED NUMBER: 02629911)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Phillips Joinery Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - over the period of the lease
Plant and machinery - 15% on reducing balance
Motor vehicles - 20% on cost
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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 year 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.

PHILLIPS JOINERY LIMITED (REGISTERED NUMBER: 02629911)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 48 (2022 - 47 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 55,724 582,102 176,484 22,620 836,930
Additions 2,298 50,849 833 - 53,980
At 31 December 2023 58,022 632,951 177,317 22,620 890,910
DEPRECIATION
At 1 January 2023 55,724 455,138 119,490 22,220 652,572
Charge for year 460 26,673 17,564 200 44,897
At 31 December 2023 56,184 481,811 137,054 22,420 697,469
NET BOOK VALUE
At 31 December 2023 1,838 151,140 40,263 200 193,441
At 31 December 2022 - 126,964 56,994 400 184,358

PHILLIPS JOINERY LIMITED (REGISTERED NUMBER: 02629911)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023
and 31 December 2023 94,292
DEPRECIATION
At 1 January 2023 49,710
Charge for year 12,484
At 31 December 2023 62,194
NET BOOK VALUE
At 31 December 2023 32,098
At 31 December 2022 44,582

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 721,280 714,256
Prepayments 25,156 30,316
746,436 744,572

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 18,596 15,877
Trade creditors 444,249 485,214
Tax 42,034 -
Social security and other taxes 39,575 35,313
VAT 34,782 34,384
Other creditors 28,292 -
Directors' current accounts 27,092 65,384
Accrued expenses 49,453 44,060
684,073 680,232

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loan - Over 5 years 28,000 92,000
Hire purchase contracts 16,081 23,923
44,081 115,923

PHILLIPS JOINERY LIMITED (REGISTERED NUMBER: 02629911)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loan - Over 5 years 28,000 92,000

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 34,677 39,800

9. OTHER FINANCIAL COMMITMENTS

The company had guarantees and commitments at the balance sheet date of £279,888 (2022 - £93,664).

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The Directors have advanced monies to the company. The amounts due to the directors, which are repayable on demand, as at 31 December 2023 were as follows:

MPC Phillips £6,296 (2022- £6,296)
AN Phillips £20,796 (2022 - £20,796)
H Stubbs Nil (2022 - £38,292) - Resigned during the year

11. RELATED PARTY DISCLOSURES

The directors, M P C Phillips and A N Phillips, act as guarantors to a lease taken out by the company in April 2008.This original lease has been renewed with VJK Ltd for a 5 year period at an annual rental of £27,500 per annum.

The directors, M P C Phillips and A N Phillips each own 50% in Peter Phillips Properties Limited from whom the company leases its main factory at an annual rental in 2023 of £36,000.

PHILLIPS JOINERY LIMITED

REPORT OF THE ACCOUNTANTS TO THE DIRECTORS OF
PHILLIPS JOINERY LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 December 2023 set out on page nil and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Bradley Accounting Plus Ltd
41 St John Street
Ashbourne
Derbyshire
DE6 1GP


26 March 2024