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Registered number: 01102756














PHILIP COLLINS LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
PHILIP COLLINS LIMITED
REGISTERED NUMBER:01102756

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
999

  
-
999

Current assets
  

Debtors: amounts falling due within one year
 5 
153,567
99,914

Cash at bank and in hand
 6 
1,777,404
5,416,004

  
1,930,971
5,515,918

Creditors: amounts falling due within one year
 7 
(2,140,932)
(4,999,159)

Net current (liabilities)/assets
  
 
 
(209,961)
 
 
516,759

Total assets less current liabilities
  
(209,961)
517,758

  

Net (liabilities)/assets
  
(209,961)
517,758


Capital and reserves
  

Called up share capital 
 8 
101
101

Share premium account
  
14,349,999
14,349,999

Profit and loss account
  
(14,560,061)
(13,832,342)

  
(209,961)
517,758


Page 1

 
PHILIP COLLINS LIMITED
REGISTERED NUMBER:01102756
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




N J Price
Director

Date: 10 September 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
PHILIP COLLINS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Philip Collins Limited is a private company, limited by shares, registered in England and Wales, registration number 01102756. The registered office address is 25 Ives Street, London, SW3 2ND.
 
The principal activity of the company continued to be that of the provision of the services of Philip Collins in the entertainment sector.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006.

 
2.2

Going concern

On the basis of information and enquiries that are pertinent to the company’s circumstances and which the directors believe to be adequate, it is appropriate to continue to treat the company as a gong concern. In particular the directors believe that adequate cash resources will be available to cover the company’s requirements for working capital for at least twelve months from the date of signing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each year end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to cash are presented in the profit and loss account within 'administrative expenses'. All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Royalties receivable are recognised at the year end date by the company.
Merchandise income is recognised when the significant risks and rewards of ownership have been transferred to the buyer.

Page 3

 
PHILIP COLLINS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
straight-line
Office equipment
-
25%
straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

 Debtors

Short-term debtors are measured at transaction price, less any impairment.

Page 4

 
PHILIP COLLINS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

 Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.12

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

 Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities such as trade and other debtors, trade and other creditors and
loans with related parties.


3.


Employees

The average monthly number of employees, including the director, during the year was 3 (2022 - 2).


4.


Tangible fixed assets





Motor vehicles
Office equipment
Total

£
£
£



Cost


At 1 January 2023
35,363
220,012
255,375



At 31 December 2023

35,363
220,012
255,375



Depreciation


At 1 January 2023
35,363
219,013
254,376


Charge for the year
-
999
999



At 31 December 2023

35,363
220,012
255,375



Net book value



At 31 December 2023
-
-
-



At 31 December 2022
-
999
999

Page 5

 
PHILIP COLLINS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
101,481
23,275

Amounts owed by related parties
-
917

Other debtors
-
1,851

Prepayments and accrued income
50,523
72,269

Other taxes and social security
-
39

Tax recoverable
1,563
1,563

153,567
99,914



6.


Cash

2023
2022
£
£

Cash at bank
1,777,404
5,416,004



7.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
41,868
422,695

Amounts owed to shareholder
-
4,492,673

Other taxation and social security
85,314
48,685

Other creditors
1,971,135
22

Accruals
42,615
35,084

2,140,932
4,999,159


HSBC Private Bank holds a floating and fixed charge over the assets of the company.


8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



101 (2022 - 101) Ordinary shares of £1.00 each
101
101



9.


Related party transactions

Included within  creditors is an amount of £1,970,588 (2022 - £4,492,673) due to the shareholder. The loan is unsecured, interest free and repayable on demand.
 
Page 6