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Registration number: NI660304

C Phillips & Son Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

C Phillips & Son Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

C Phillips & Son Ltd

Company Information

Director

Mr Conor Phillips

Registered office

3A Clontigora Hill
Newry
Down
BT35 8RU

Accountants

SP McKeown & Co Ltd
Chartered Certified Accountants, Registered Auditors and Tax Advisors
5 Lower Catherine Street
Newry
Co Down
BT35 6BE

 

C Phillips & Son Ltd

(Registration number: NI660304)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

262

328

Current assets

 

Debtors

5

23,771

1

Cash at bank and in hand

 

4,070

646

 

27,841

647

Creditors: Amounts falling due within one year

6

(26,639)

(16,524)

Net current assets/(liabilities)

 

1,202

(15,877)

Total assets less current liabilities

 

1,464

(15,549)

Provisions for liabilities

(50)

(62)

Net assets/(liabilities)

 

1,414

(15,611)

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

1,413

(15,612)

Shareholders' funds/(deficit)

 

1,414

(15,611)

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 August 2024
 

.........................................
Mr Conor Phillips
Director

   
     
 

C Phillips & Son Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
3A Clontigora Hill
Newry
Down
BT35 8RU

These financial statements were authorised for issue by the director on 19 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

C Phillips & Son Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

20% Reducing Balance

Motor Vehicles

20% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

C Phillips & Son Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

C Phillips & Son Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2022

640

640

At 30 April 2023

640

640

Depreciation

At 1 May 2022

312

312

Charge for the year

66

66

At 30 April 2023

378

378

Carrying amount

At 30 April 2023

262

262

At 30 April 2022

328

328

5

Debtors

Current

2023
£

2022
£

Other debtors

23,771

1

 

23,771

1

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

77

77

Taxation and social security

25,405

14,084

Accruals and deferred income

1,157

1,157

Other creditors

-

1,206

26,639

16,524

7

Share capital

Allotted, called up and fully paid shares

 

C Phillips & Son Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

2023

2022

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

       

8

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £26,000.00 (2022 - £50,000.00) per each Ordinary share

26,000

50,000

 

 

9

Related party transactions

 

C Phillips & Son Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Transactions with the director

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Mr Conor Phillips

Directors Current account

1,204

(63,098)

38,123

(23,771)

2022

At 1 May 2021
£

Advances to director
£

Repayments by director
£

At 30 April 2022
£

Mr Conor Phillips

Directors Current account

206

(63,862)

64,860

1,204

 

C Phillips & Son Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

10,122

9,625

Dividends paid to the director

2023
£

2022
£

Mr Conor Phillips

Ordinary share

26,000

50,000