Company registration number 07131200 (England and Wales)
PHILIP JEFFERIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
30-31 St. James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
PHILIP JEFFERIES LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
PHILIP JEFFERIES LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
5
500,910
467,514
Current assets
Debtors
6
7,008
Cash at bank and in hand
5,110
15,397
5,110
22,405
Creditors: amounts falling due within one year
7
(223,340)
(158,410)
Net current liabilities
(218,230)
(136,005)
Total assets less current liabilities
282,680
331,509
Provisions for liabilities
(1,070)
Net assets
281,610
331,509
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
8
281,510
331,409
Total equity
281,610
331,509
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PHILIP JEFFERIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 26 October 2024
Mrs E L Price
Director
Company Registration No. 07131200
PHILIP JEFFERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
1
Accounting policies
Company information
Philip Jefferies Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 - 31 St James Place, Mangotsfield, Bristol, England, BS16 9JB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
1.5
Fixed asset investments
Investments are included in the balance sheet at cost plus or minus any changes in the fair value of the investment up to the balance sheet date.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
PHILIP JEFFERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
PHILIP JEFFERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
20,000
Amortisation
At 1 February 2023 and 31 January 2024
20,000
Carrying amount
At 31 January 2024
At 31 January 2023
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
500,910
467,514
Fixed asset investments revalued
The unit trust valuation is based on the report provided by St Jame's Place Wealth Management at 31st January 2024. The valuation of £500,910 represents the total encashment value of holdings at the year-end date. The encashment value includes any early withdrawal charges due had the company encashed or transferred the plan on 31st January 2024.
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 February 2023
467,514
Valuation changes
35,935
Dividends received reinvested
2,631
Fund charges
(5,170)
At 31 January 2024
500,910
Carrying amount
At 31 January 2024
500,910
At 31 January 2023
467,514
PHILIP JEFFERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
7,008
7
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
2,956
5,361
Other creditors
220,384
153,049
223,340
158,410
8
Profit and loss reserves
Within retained earnings is a balance of £3,209 that is not distributable to shareholders.