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REGISTERED NUMBER: 00952016 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

Phillips Services (Wales) Limited

Phillips Services (Wales) Limited (Registered number: 00952016)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Phillips Services (Wales) Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: Mr S P Jones
Mrs A M Jones
Mr B S Morgan
Mr P Workman





SECRETARY: Mrs A M Jones





REGISTERED OFFICE: Stadium House
182 Neath Road
Landore
SWANSEA
SA1 2JT





REGISTERED NUMBER: 00952016 (England and Wales)





ACCOUNTANTS: Ashmole & Co
First Floor
1 St John's Court
Upper Fforest Way
Enterprise Park
Swansea
SA6 8QQ

Phillips Services (Wales) Limited (Registered number: 00952016)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 163,253 117,275

CURRENT ASSETS
Debtors 5 953,439 743,978
Cash at bank and in hand 1,002,958 1,307,671
1,956,397 2,051,649
CREDITORS
Amounts falling due within one year 6 422,839 656,627
NET CURRENT ASSETS 1,533,558 1,395,022
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,696,811

1,512,297

PROVISIONS FOR LIABILITIES 7 35,158 23,303
NET ASSETS 1,661,653 1,488,994

CAPITAL AND RESERVES
Called up share capital 8 93 93
Retained earnings 1,661,560 1,488,901
SHAREHOLDERS' FUNDS 1,661,653 1,488,994

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 Services (Wales) Limited (Registered number: 00952016)

Balance Sheet - continued
31 May 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 August 2024 and were signed on its behalf by:





Mr S P Jones - Director


Phillips Services (Wales) Limited (Registered number: 00952016)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Phillips Services (Wales) 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 - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Phillips Services (Wales) Limited (Registered number: 00952016)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

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 35 (2023 - 47 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 June 2023 2,434 293,972 16,859 313,265
Additions - 75,190 6,778 81,968
Disposals (911 ) - (812 ) (1,723 )
At 31 May 2024 1,523 369,162 22,825 393,510
DEPRECIATION
At 1 June 2023 2,065 183,614 10,311 195,990
Charge for year 38 33,083 2,396 35,517
Eliminated on disposal (695 ) - (555 ) (1,250 )
At 31 May 2024 1,408 216,697 12,152 230,257
NET BOOK VALUE
At 31 May 2024 115 152,465 10,673 163,253
At 31 May 2023 369 110,358 6,548 117,275

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 725,135 249,388
Amounts recoverable on contracts 32,400 294,500
Other debtors 163,242 163,717
VAT - 1,966
Other debtors & prepayments 32,662 34,407
953,439 743,978

Phillips Services (Wales) Limited (Registered number: 00952016)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 153,314 294,829
Tax 117,966 279,246
Social security and other taxes 27,084 21,544
VAT 53,419 -
Other creditors 8,430 8,430
Directors' current accounts 54,232 45,632
Sundry creditors & accruals 8,394 6,946
422,839 656,627

7. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 35,158 23,303

Deferred
tax
£   
Balance at 1 June 2023 23,303
Provided during year 11,855
Balance at 31 May 2024 35,158

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
18 Ordinary A £1 18 18
54 Ordinary B £1 54 54
18 Ordinary C £1 18 18
2 Ordinary D £1 2 2
1 Ordinary E £1 1 1
93 93

9. RELATED PARTY DISCLOSURES

The controlling party is Mr S P Jones.