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REGISTERED NUMBER: 00405027 (England and Wales)















Phillips & Sons (Buckingham) Limited

Unaudited Financial Statements for the Year Ended 31 December 2023






Phillips & Sons (Buckingham) Limited (Registered number: 00405027)






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




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3 to 4

Notes to the Financial Statements 5 to 7


Phillips & Sons (Buckingham) Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: R Phillips
T Phillips





SECRETARY: T Phillips





REGISTERED OFFICE: Motor Works
Ford Street
Buckingham
Buckinghamshire
MK18 1AQ





REGISTERED NUMBER: 00405027 (England and Wales)





ACCOUNTANTS: Tearle & Carver Limited
Chandos House
School Lane
Buckingham
Buckinghamshire
MK18 1HD

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Phillips & Sons (Buckingham) Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Phillips & Sons (Buckingham) Limited for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Phillips & Sons (Buckingham) Limited, as a body, in accordance with the terms of our engagement letter dated 28 July 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Phillips & Sons (Buckingham) Limited and state those matters that we have agreed to state to the Board of Directors of Phillips & Sons (Buckingham) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Phillips & Sons (Buckingham) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Phillips & Sons (Buckingham) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Phillips & Sons (Buckingham) Limited. You consider that Phillips & Sons (Buckingham) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Phillips & Sons (Buckingham) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Tearle & Carver Limited
Chandos House
School Lane
Buckingham
Buckinghamshire
MK18 1HD


6 September 2024

Phillips & Sons (Buckingham) Limited (Registered number: 00405027)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 24,666 31,091

CURRENT ASSETS
Inventories 3,086 2,638
Debtors 5 13,342 8,078
Cash at bank and in hand 309,817 287,384
326,245 298,100
CREDITORS
Amounts falling due within one year 6 98,979 82,813
NET CURRENT ASSETS 227,266 215,287
TOTAL ASSETS LESS CURRENT
LIABILITIES

251,932

246,378

PROVISIONS FOR LIABILITIES 1,338 1,994
NET ASSETS 250,594 244,384

CAPITAL AND RESERVES
Called up share capital 16,988 16,988
Retained earnings 233,606 227,396
SHAREHOLDERS' FUNDS 250,594 244,384

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.

Phillips & Sons (Buckingham) Limited (Registered number: 00405027)

Balance Sheet - continued
31 December 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 Statement of Income and Retained Earnings has not been delivered.

Approved by the board and signed on its behalf by the Board of Directors and authorised for issue on 6 September 2024 and were signed on its behalf by:




T Phillips - Director



R Phillips - Director


Phillips & Sons (Buckingham) Limited (Registered number: 00405027)

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

1. STATUTORY INFORMATION

Phillips & Sons (Buckingham) 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
Revenue 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.
Land and buildings - 2.5% on cost
Fixtures and fittings - 25% on cost and 15% on reducing balance

Stocks
Inventories 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 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 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 5 ) .

Phillips & Sons (Buckingham) Limited (Registered number: 00405027)

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

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Land and and
buildings fittings Totals
£    £    £   
COST
At 1 January 2023 118,740 43,686 162,426
Additions - 1,924 1,924
At 31 December 2023 118,740 45,610 164,350
DEPRECIATION
At 1 January 2023 98,145 33,190 131,335
Charge for year 2,969 5,380 8,349
At 31 December 2023 101,114 38,570 139,684
NET BOOK VALUE
At 31 December 2023 17,626 7,040 24,666
At 31 December 2022 20,595 10,496 31,091

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 13,342 6,643
Other debtors - 1,435
13,342 8,078

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Wages & salaries control 1,228 750
Trade creditors 2,536 2,353
Corporation tax 2,750 3,116
Social security and other taxes 414 271
VAT 1,357 981
Credit card 897 686
Family trust 80,903 69,311
Accruals and deferred income 8,894 5,345
98,979 82,813

7. ULTIMATE CONTROLLING PARTY

The controlling party is The Christopher Phillips Family Trust.

Phillips & Sons (Buckingham) Limited (Registered number: 00405027)

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

8. CUMULATIVE TAX DUE

2023 2022
£    £   
Total tax due on profit on ordinary activities (see note 7) 2,750 3,116
Employers NIC (see note 10) Nil Nil
VAT (see note 7) 1,357 981
Total tax due 4,107 4,097

9. HMRC EMPLOYMENT ALLOWANCE

The HMRC Employment Allowance of £5,000 has covered the Employers NI Contributions for the 12 months resulting in a saving of £2,863.