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REGISTERED NUMBER: 04320591 (England and Wales)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

Phillips Projects Holdings Ltd

Phillips Projects Holdings Ltd (Registered number: 04320591)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 8

Phillips Projects Holdings Ltd

Company Information
for the Year Ended 29 February 2024







DIRECTOR: D Phillips





SECRETARY: Mrs D Phillips





REGISTERED OFFICE: 7C Dragoon House
Hussar Court
Waterlooville
Hampshire
PO7 7SF





REGISTERED NUMBER: 04320591 (England and Wales)





ACCOUNTANTS: Johnston Wood Roach Limited
24 Picton House
Hussar Court
Waterlooville
Hampshire
PO7 7SQ

Phillips Projects Holdings Ltd (Registered number: 04320591)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 140,424 149,241
Investments 5 1,004 1,004
Investment property 6 2,063,467 2,100,417
2,204,895 2,250,662

CURRENT ASSETS
Debtors 7 900,264 1,075,879
Cash at bank 491,564 223,916
1,391,828 1,299,795
CREDITORS
Amounts falling due within one year 8 121,564 98,971
NET CURRENT ASSETS 1,270,264 1,200,824
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,475,159

3,451,486

CREDITORS
Amounts falling due after more than one
year

9

(79,821

)

(82,826

)

PROVISIONS FOR LIABILITIES (170,404 ) (177,404 )
NET ASSETS 3,224,934 3,191,256

CAPITAL AND RESERVES
Called up share capital 10 4 4
Fair value reserve 11 633,343 654,343
Retained earnings 2,591,587 2,536,909
SHAREHOLDERS' FUNDS 3,224,934 3,191,256

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Projects Holdings Ltd (Registered number: 04320591)

Balance Sheet - continued
29 February 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 director and authorised for issue on 3 September 2024 and were signed by:





D Phillips - Director


Phillips Projects Holdings Ltd (Registered number: 04320591)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Phillips Projects Holdings Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


Accounts are rounded to the nearest pound.

The accounts represent the company as an individual entity.

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 as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 2% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 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 recongnised in the fair value reserve account.

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.

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.

Phillips Projects Holdings Ltd (Registered number: 04320591)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 March 2023
and 29 February 2024 62,379 12,874 162,208 237,461
DEPRECIATION
At 1 March 2023 13,102 12,841 62,277 88,220
Charge for year 1,247 8 7,562 8,817
At 29 February 2024 14,349 12,849 69,839 97,037
NET BOOK VALUE
At 29 February 2024 48,030 25 92,369 140,424
At 28 February 2023 49,277 33 99,931 149,241

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 March 2023
and 29 February 2024 1,004
NET BOOK VALUE
At 29 February 2024 1,004
At 28 February 2023 1,004

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023 2,172,836
Revaluations (28,000 )
At 29 February 2024 2,144,836
DEPRECIATION
At 1 March 2023 72,419
Charge for year 8,950
At 29 February 2024 81,369
NET BOOK VALUE
At 29 February 2024 2,063,467
At 28 February 2023 2,100,417

Phillips Projects Holdings Ltd (Registered number: 04320591)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

6. INVESTMENT PROPERTY - continued

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2021 409,230
Valuation in 2022 398,600
Valuation in 2024 (28,000 )
Cost 1,365,006
2,144,836

If following historical cost had not been revalued it would have been included at the following historical cost:

29.2.24 28.2.23
£    £   
Cost 1,365,006 1,365,006

Investment property was valued on an open market basis on 23 May 2024 by the Director .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 12,056 13,099
Amounts owed by group undertakings 297,065 420,436
Other debtors 591,143 642,344
900,264 1,075,879

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 3,005 2,791
Trade creditors 5,562 12,304
Amounts owed to group undertakings 106,433 58,864
Taxation and social security 6,064 24,487
Other creditors 500 525
121,564 98,971

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Bank loans 79,821 82,826

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 69,527 73,172

Phillips Projects Holdings Ltd (Registered number: 04320591)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.2.24 28.2.23
value: £    £   
4 Ordinary £1 4 4

11. RESERVES
Fair
value
reserve
£   
At 1 March 2023 654,343
Fair value reserve (21,000 )

At 29 February 2024 633,343

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023:

29.2.24 28.2.23
£    £   
D Phillips
Balance outstanding at start of year 614,836 649,951
Amounts advanced 1,184,030 763,545
Amounts repaid (1,235,231 ) (798,660 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 563,635 614,836

Phillips Projects Holdings Ltd

Report of the Accountants to the Director of
Phillips Projects Holdings Ltd

The following reproduces the text of the report prepared for the director 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 Director are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 29 February 2024 set out on pages three to ten and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Johnston Wood Roach Limited
24 Picton House
Hussar Court
Waterlooville
Hampshire
PO7 7SQ


Date: .............................................