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COMPANY REGISTRATION NUMBER: 12492197
PREMIERSHIP PHILCO LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
PREMIERSHIP PHILCO LIMITED
FINANCIAL STATEMENTS
Year ended 31 December 2023
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
2
PREMIERSHIP PHILCO LIMITED
BALANCE SHEET
31 December 2023
2023
2022
Note
£
£
FIXED ASSETS
Investments
5
5,956,045
5,956,045
CURRENT ASSETS
Debtors
6
1,641,388
1,462,188
CREDITORS: amounts falling due within one year
7
( 4,132,564)
( 3,431,830)
------------
------------
NET CURRENT LIABILITIES
( 2,491,176)
( 1,969,642)
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
3,464,869
3,986,403
CREDITORS: amounts falling due after more than one year
8
( 1,040,973)
( 1,627,461)
------------
------------
NET ASSETS
2,423,896
2,358,942
------------
------------
CAPITAL AND RESERVES
Called up share capital
1
1
Profit and loss account
2,423,895
2,358,941
------------
------------
SHAREHOLDERS FUNDS
2,423,896
2,358,942
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 19 September 2024 , and are signed on behalf of the board by:
Mr P A Jordan
Director
Company registration number: 12492197
PREMIERSHIP PHILCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 December 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cedar House, Hazell Drive, Newport, NP10 8FY.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. INVESTMENTS
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
5,956,045
------------
Impairment
At 1 January 2023 and 31 December 2023
------------
Carrying amount
At 31 December 2023
5,956,045
------------
At 31 December 2022
5,956,045
------------
6. DEBTORS
2023
2022
£
£
Other debtors
1,641,388
1,462,188
------------
------------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Corporation tax
19,402
16,028
Other creditors
4,113,162
3,415,802
------------
------------
4,132,564
3,431,830
------------
------------
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Other creditors
1,040,973
1,627,461
------------
------------
9. RELATED PARTY TRANSACTIONS
Under FRS 102 section 1a transactions with wholly owned group subsidiaries have not been disclosed.