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Company No: 09153473 (England and Wales)

PHILIPSON KNOWLE LIMITED

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

PHILIPSON KNOWLE LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

PHILIPSON KNOWLE LIMITED

COMPANY INFORMATION

For the financial year ended 31 July 2023
PHILIPSON KNOWLE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 July 2023
DIRECTORS Mrs M Philipson
Mr R A Philipson
REGISTERED OFFICE Knowle 7 Mount Street
Bishops Lydeard
Taunton
TA4 3LH
United Kingdom
COMPANY NUMBER 09153473 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset TA1 2PX
PHILIPSON KNOWLE LIMITED

BALANCE SHEET

As at 31 July 2023
PHILIPSON KNOWLE LIMITED

BALANCE SHEET (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 862 1,149
862 1,149
Current assets
Debtors 4 19,658 2,184
Cash at bank and in hand 19,481 7,576
39,139 9,760
Creditors: amounts falling due within one year 5 ( 21,207) ( 8,627)
Net current assets 17,932 1,133
Total assets less current liabilities 18,794 2,282
Provision for liabilities ( 164) ( 218)
Net assets 18,630 2,064
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 18,530 1,964
Total shareholders' funds 18,630 2,064

For the financial year ending 31 July 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 Philipson Knowle Limited (registered number: 09153473) were approved and authorised for issue by the Board of Directors on 15 April 2024. They were signed on its behalf by:

Mr R A Philipson
Director
PHILIPSON KNOWLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
PHILIPSON KNOWLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 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

Philipson Knowle 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 Knowle 7 Mount Street, Bishops Lydeard, Taunton, TA4 3LH, 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 comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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 reducing balance basis over its expected useful life, as follows:

Office equipment 25 % reducing balance

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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 directors 2 2

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 August 2022 6,363 6,363
At 31 July 2023 6,363 6,363
Accumulated depreciation
At 01 August 2022 5,214 5,214
Charge for the financial year 287 287
At 31 July 2023 5,501 5,501
Net book value
At 31 July 2023 862 862
At 31 July 2022 1,149 1,149

4. Debtors

2023 2022
£ £
Trade debtors 9,249 2,184
Accrued income 10,409 0
19,658 2,184

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 1,956 110
Amounts owed to directors 2,002 2,125
Accruals 1,764 1,419
Corporation tax 5,348 190
Other taxation and social security 10,137 3,337
Other creditors 0 1,446
21,207 8,627

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100