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REGISTERED NUMBER: 10876394 (England and Wales)










Financial Statements

for the Year Ended 31 July 2023

for

Philip Lee (Leek) Limited

Philip Lee (Leek) Limited (Registered number: 10876394)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Philip Lee (Leek) Limited

Company Information
for the Year Ended 31 July 2023







DIRECTORS: P Boland
Mrs K Turner





SECRETARY:





REGISTERED OFFICE: 4 Cawdry Buildings
Leek
United Kingdom
ST13 6JP





REGISTERED NUMBER: 10876394 (England and Wales)





ACCOUNTANTS: John Greenall & Co Limited
20 Crewe Road
Sandbach
Cheshire
CW11 4NE

Philip Lee (Leek) Limited (Registered number: 10876394)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 1,885

CURRENT ASSETS
Stocks 3,950 4,215
Debtors 5 7,477 3,614
Cash at bank and in hand 6,809 8,853
18,236 16,682
CREDITORS
Amounts falling due within one year 6 22,250 19,362
NET CURRENT LIABILITIES (4,014 ) (2,680 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(4,014

)

(795

)

CREDITORS
Amounts falling due after more than one
year

7

7,896

11,562
NET LIABILITIES (11,910 ) (12,357 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (12,010 ) (12,457 )
(11,910 ) (12,357 )

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

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

Philip Lee (Leek) Limited (Registered number: 10876394)

Balance Sheet - continued
31 July 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 27 July 2024 and were signed on its behalf by:





P Boland - Director


Philip Lee (Leek) Limited (Registered number: 10876394)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

Philip Lee (Leek) 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.

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.
Plant and machinery - 20% 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.

Hire purchase and leasing commitments
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 7 (2022 - 6 ) .

Philip Lee (Leek) Limited (Registered number: 10876394)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 August 2022
and 31 July 2023 15,694
DEPRECIATION
At 1 August 2022 13,809
Charge for year 1,885
At 31 July 2023 15,694
NET BOOK VALUE
At 31 July 2023 -
At 31 July 2022 1,885

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Other debtors 7,477 3,614

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts 4,438 4,438
Trade creditors 3,317 2,925
Amounts owed to associates 3,064 3,064
Taxation and social security 10,235 6,409
Other creditors 1,196 2,526
22,250 19,362

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.23 31.7.22
£    £   
Bank loans 7,896 11,562