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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
Page
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Phillips Schroeder Surety Limited Company Information for the year ended 31 December 2023
Director
Richard Phillips
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
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Phillips Schroeder Surety Limited Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
33,804 
1,792 
Current assets
Debtors
302,447 
2,934 
Cash at bank and in hand
252,876 
489,294 
555,323 
492,228 
Creditors: amounts falling due within one year
(208,850)
(223,338)
Net current assets
346,473 
268,890 
Net assets
380,277 
270,682 
Capital and reserves
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
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Phillips Schroeder Surety Limited Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
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.
2
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
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
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.
Financial instruments
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.
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Phillips Schroeder Surety Limited Notes to the Accounts for the year ended 31 December 2023
4
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 
Depreciation
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 
Net book value
At 31 December 2023
31,401 
2,403 
33,804 
At 31 December 2022
- 
1,792 
1,792 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
- 
784 
Amounts due from group undertakings etc.
300,000 
- 
Accrued income and prepayments
2,447 
2,150 
302,447 
2,934 
6
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 
Accruals
1,008 
1,353 
Deferred income
- 
5,804 
208,850 
223,338 
7
Average number of employees
During the year the average number of employees was 2 (2022: 2).
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