Phoresters Limited
Registered number: 03931495
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 41,697 49,164
Investments 4 1,115,002 1,115,002
1,156,699 1,164,166
Current assets
Debtors 5 2,002 9,005
Cash at bank and in hand 111,706 101,610
113,708 110,615
Creditors: amounts falling due within one year 6 (29,813) (22,160)
Net current assets 83,895 88,455
Total assets less current liabilities 1,240,594 1,252,621
Provisions for liabilities (92,616) (92,616)
Net assets 1,147,978 1,160,005
Capital and reserves
Called up share capital 300,001 300,001
Profit and loss account 8 847,977 860,004
Shareholders' funds 1,147,978 1,160,005
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P A Dyer
Director
Approved by the board on 28 June 2024
Phoresters Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, Section 1a, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover consists of rents received from the company's freehold and leasehold properties.
Investments
The company's freehold and leasehold investment properties are valued annually at fair value, with increases or decreases reflected in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. As required by FRS 102, provision is made for deferred tax arising from the revaluation of investment properties.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 1,548 55,135 56,683
At 31 January 2024 1,548 55,135 56,683
Depreciation
At 1 February 2023 1,317 6,202 7,519
Charge for the year 127 7,340 7,467
At 31 January 2024 1,444 13,542 14,986
Net book value
At 31 January 2024 104 41,593 41,697
At 31 January 2023 231 48,933 49,164
4 Investments
Investments in
subsidiary Investment
undertakings properties Total
£ £ £
Cost
At 1 February 2023 2 1,115,000 1,115,002
At 31 January 2024 2 1,115,000 1,115,002
The company's freehold and leasehold properties were valued at market value as at 31st January 2016 by Messrs Bowyer Bryce, Chartered Surveyors. The directors are of the opinion that this valuation does not need to be revised at 31st January 2024.
5 Debtors 2024 2023
£ £
Other debtors 2,002 9,005
6 Creditors: amounts falling due within one year 2024 2023
£ £
Corporation tax 8,406 7,822
Other taxes and social security costs 223 197
P & P Dyer Limited 2 2
Other creditors 21,182 14,139
29,813 22,160
7 Tax on profit on ordinary activities 2024 2023
£ £
Corporation tax payable 8,406 7,822
Deferred tax - -
8,406 7,822
8 Profit and loss account
£
Available for distribution 162,633
Investment property revaluation reserve 685,344
847,977
9 Other information
Phoresters Limited is a private company limited by shares and incorporated in England. Its registered office is:
32 Phipps Hatch Lane
Enfield
Middlesex
EN2 0HN
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