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REGISTERED NUMBER: 06819947 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

PHILLIPS DEMPSEY LTD

PHILLIPS DEMPSEY LTD (REGISTERED NUMBER: 06819947)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


PHILLIPS DEMPSEY LTD (REGISTERED NUMBER: 06819947)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,472 2,677

CURRENT ASSETS
Stocks 5 50,000 50,000
Debtors 6 24,888 29,146
Cash at bank 183,329 57,642
258,217 136,788
CREDITORS
Amounts falling due within one year 7 141,836 85,683
NET CURRENT ASSETS 116,381 51,105
TOTAL ASSETS LESS CURRENT LIABILITIES 117,853 53,782

CREDITORS
Amounts falling due after more than one
year

8

(16,692

)

(27,442

)

PROVISIONS FOR LIABILITIES 10 (368 ) (669 )
NET ASSETS 100,793 25,671

CAPITAL AND RESERVES
Called up share capital 11 8 8
Capital redemption reserve 2 2
Retained earnings 100,783 25,661
SHAREHOLDERS' FUNDS 100,793 25,671

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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 DEMPSEY LTD (REGISTERED NUMBER: 06819947)

BALANCE SHEET - continued
31 MARCH 2024


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 30 July 2024 and were signed on its behalf by:





O D Phillips - Director


PHILLIPS DEMPSEY LTD (REGISTERED NUMBER: 06819947)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Phillips Dempsey Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 06819947

Registered office: 9 Hills Road
Cambridge
Cambridgeshire
CB2 1GE

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.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

No significant judgements (apart from those involving estimations) have been made by management in the process of applying the entity's accounting policies and preparing these financial statements.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There have been no key assumptions or there sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover and accrued income
Turnover represents net invoiced sales of goods/services, excluding VAT.

In line with the requirements of Financial Reporting Standard 5 on income recognition (and further guidance given in UITF 40), accrued income has been recognised in these financial statements. Income is accrued for those contracts where there is an entitlement to receive consideration either as a result of an occurrence, the reaching of an agreement or the passage of time.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Computer equipment - 33% on cost

At each balance sheet date assets not carried at fair value are assessed to determine whether there is an indication that the asset may be impaired. If there is such an indication the recoverable amount of the asset is compared to the carrying amount of the asset.

Work in progress
Work in progress is valued at cost including attributable overheads and has been adjusted for irrecoverable amounts and where recovery is uncertain.

PHILLIPS DEMPSEY LTD (REGISTERED NUMBER: 06819947)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost.

Financial liabilities - trade creditors, accruals and other creditors and basic financial instruments and are measured at amortised cost. Taxation and social security and not included in the financial instruments disclosure definition.

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.

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.

Debtors
Short term debtors are initially measured at transaction price less attributable costs and then subsequently measured at amortised costs using EIR. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are initially measured at transaction price less attributable costs. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

PHILLIPS DEMPSEY LTD (REGISTERED NUMBER: 06819947)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 April 2023 4,473
Additions 329
At 31 March 2024 4,802
DEPRECIATION
At 1 April 2023 1,796
Charge for year 1,534
At 31 March 2024 3,330
NET BOOK VALUE
At 31 March 2024 1,472
At 31 March 2023 2,677

5. STOCKS
2024 2023
£    £   
Work-in-progress 50,000 50,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 6,919 10,306
Prepayments 17,969 18,840
24,888 29,146

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 10,667 9,829
Trade creditors 639 4,370
Corporation tax 77,049 26,578
Social security and other taxes 1,066 -
VAT 28,621 12,751
Other creditors 15,896 24,898
Pension creditors 2,177 2,177
Accruals and deferred income 5,721 5,080
141,836 85,683

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 9) 16,692 27,442

PHILLIPS DEMPSEY LTD (REGISTERED NUMBER: 06819947)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,667 9,829

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,731 10,077

Amounts falling due between two and five years:
Bank loans - 2-5 years 5,961 17,365

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 368 669

Deferred
tax
£   
Balance at 1 April 2023 669
Credit to Income Statement during year (301 )
Balance at 31 March 2024 368

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
783 Ordinary £0.01 8 8

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in other creditors are the following loan balances:

Oliver Phillips, a director of the company, balance of £nil (2023 - £521)

Matt Dempsey, a director of the company, balance of £15,896 (2023 - £24,377)

These balances are interest free and repayable on demand.

13. RELATED PARTY DISCLOSURES

During the year, total dividends of £119,677 (2023 - £124,051) were paid to the directors .

14. ULTIMATE CONTROLLING PARTY

The controlling parties are O Phillips and M Dempsey by virtue of their holding of the issued ordinary share capital.