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REGISTERED NUMBER: SC244564 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Phillip Hepburn Limited

Phillip Hepburn Limited (Registered number: SC244564)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Phillip Hepburn Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr P W Hepburn
Mrs E M Hepburn





REGISTERED OFFICE: Heritage House
141 Shore Street
Fraserburgh
Aberdeenshire
AB43 9BP





REGISTERED NUMBER: SC244564 (Scotland)





ACCOUNTANTS: SBP
Accountants
2 Cross Street
Fraserburgh
Aberdeenshire
AB43 9EQ

Phillip Hepburn Limited (Registered number: SC244564)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Investments 4 4,098 40,599

CURRENT ASSETS
Cash at bank 8,436 417

CREDITORS
Amounts falling due within one year 5 10,802 16,719
NET CURRENT LIABILITIES (2,366 ) (16,302 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,732

24,297

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 6 1,632 24,197
SHAREHOLDERS' FUNDS 1,732 24,297

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

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

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 August 2024 and were signed on its behalf by:





Mr P W Hepburn - Director


Phillip Hepburn Limited (Registered number: SC244564)

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

1. STATUTORY INFORMATION

Phillip Hepburn Limited is a private company, limited by shares , registered in Scotland. 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.

Going concern
The director, having made due and careful enquiry, is of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The director, therefore, has made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the director has continued to adopt the going concern basis of accounting in preparing the annual financial statements. The director will not seek to draw his loan balance unless he is satisfied that adequate resources will be available to meet all other creditors as they fall due.

Turnover
Turnover represents amounts receivable for services provided in the normal course of business, net of discounts and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates.

Taxation
Taxation for the year comprises current tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current 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.

Fixed asset investments
The fixed asset investment represents the company's interest in the 'Pleiades BF155 LLP'. The value reported in the Balance Sheet represents the value of the capital and current accounts within the LLP.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
31.12.23 31.12.22
£    £   
Investment in Pleiades LLP 4,098 40,599

Phillip Hepburn Limited (Registered number: SC244564)

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

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors - (1 )
Taxation and social security 8,729 12,911
Other creditors 2,073 3,809
10,802 16,719

6. RESERVES
Retained
earnings
£   

At 1 January 2023 24,197
Profit for the year 3,337
Dividends (25,902 )
At 31 December 2023 1,632

7. RELATED PARTY DISCLOSURES

The director operates a current account with the company and as at the financial year end the balance owing to him was £685 (2022: £2,382). Whilst the loan is considered short term, there are no fixed terms of repayment and no interest is accrued.

8. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr P.Hepburn and Mrs E.Hepburn.