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Company No: 10256009 (England and Wales)

NICK PHELPS HOMES LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

NICK PHELPS HOMES LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

NICK PHELPS HOMES LIMITED

BALANCE SHEET

As at 30 June 2023
NICK PHELPS HOMES LIMITED

BALANCE SHEET (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 0 532
0 532
Current assets
Stocks 4 0 4,280
Debtors 5 45,905 47,070
Cash at bank and in hand 108,882 28,580
154,787 79,930
Creditors: amounts falling due within one year 6 ( 36,978) ( 19,203)
Net current assets 117,809 60,727
Total assets less current liabilities 117,809 61,259
Creditors: amounts falling due after more than one year 7 ( 33,452) ( 38,834)
Net assets 84,357 22,425
Capital and reserves
Called-up share capital 1 1
Profit and loss account 84,356 22,424
Total shareholder's funds 84,357 22,425

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Nick Phelps Homes Limited (registered number: 10256009) were approved and authorised for issue by the Director on 26 February 2024. They were signed on its behalf by:

N Phelps
Director
NICK PHELPS HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
NICK PHELPS HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 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

Nick Phelps Homes Limited (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 1 Felton Road, Lower Parkstone, Poole, BH14 0QR, 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 £.

Turnover

Turnover is stated net of trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery etc. 3 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 July 2022 1,598 1,598
At 30 June 2023 1,598 1,598
Accumulated depreciation
At 01 July 2022 1,066 1,066
Charge for the financial year 532 532
At 30 June 2023 1,598 1,598
Net book value
At 30 June 2023 0 0
At 30 June 2022 532 532

4. Stocks

2023 2022
£ £
Work in progress 0 4,280

5. Debtors

2023 2022
£ £
Other debtors 45,905 47,070

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 5,437 5,610
Taxation and social security 29,993 12,063
Other creditors 1,548 1,530
36,978 19,203

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 33,452 38,834

There are no amounts included above in respect of which any security has been given by the small entity.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (repayable by instalments) 11,705 16,394

8. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2023 2022
£ £
Great Power Ltd 0 0

N Phelps is a director of Great Power Ltd. Great Power Ltd traded with Nick Phelps Homes Ltd as follows:

Great Power Ltd sold goods and services to the value of £512.

Transactions with the entity's director

2023 2022
£ £
Overdrawn loan account balance 45,904 47,070

The loan was repaid in full within 9 months of the year end.