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Registered Number: 12008009
England and Wales

 

 

 

T.PHILIPS COLLECTIVE LTD


Report of the Director and Unaudited Financial Statements
 


Period of accounts

Start date: 01 February 2023

End date: 31 January 2024
Director Philip Temitayo Akinyeye
Registered Number 12008009
Registered Office 160 Kemp House
City Road
London
EC1V 2NX
Accountants Smith & Johnson
7 Bell Yard
London
United Kingdom
WC2A 2JR
1
Director's report and financial statements
The director presents his/her/their annual report and the financial statements for the year ended 31 January 2024.
Principal activities
Principal activity of the company during the financial year was of ...
Director
The director who served the company throughout the year was as follows:
Philip Temitayo Akinyeye
Statement of director's responsibilities
The director is responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The director is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

On behalf of the board.


----------------------------------
Philip Temitayo Akinyeye
Director

Date approved: 31 October 2024
2
Accountant’s report
You consider that the company is exempt from an audit for the year ended 31 January 2024 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Smith & Johnson
31 January 2024



....................................................

Smith & Johnson

7 Bell Yard
London
United Kingdom
WC2A 2JR
29 October 2024
3
 
 
Notes
 
2024
£
  2023
£
Turnover 21,480    16,220 
Cost of sales (9,552)   (2,575)
Gross profit 11,928    13,645 
Administrative expenses (14,253)   (12,552)
Operating profit/(loss) 2 (2,325)   1,093 
Profit/(Loss) on ordinary activities before taxation (2,325)   1,093 
Tax on profit on ordinary activities 4 (71)  
Profit/(Loss) for the financial year (2,396)   1,093 
 
4
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 5 4,825    8,304 
4,825    8,304 
Current assets      
Debtors 6 16,142    14,970 
Cash at bank and in hand 89    386 
16,231    15,356 
Creditors: amount falling due within one year 7 (1,671)   (800)
Net current assets 14,560    14,556 
 
Total assets less current liabilities 19,385    22,860 
Creditors: amount falling due after more than one year 8 (24,285)   (25,364)
Net assets (4,900)   (2,504)
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 9 (5,000)   (2,604)
Shareholders' funds (4,900)   (2,504)
 


For the 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.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the director on 31 October 2024 and were signed by:


-------------------------------
Philip Temitayo Akinyeye
Director
5
General Information
T.PHILIPS COLLECTIVE LTD is a private company, limited by shares, registered in England and Wales, registration number 12008009, registration address 160 Kemp House, City Road, London, EC1V 2NX.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 4 Straight Line
Fixtures and Fittings 5 Straight Line
2.

Operating profit/(loss)

2024
£
  2023
£
The operating profit/(loss) is stated after charging:

 
Depreciation of tangible fixed assets 3,478    2,319 

3.

Average number of employees

Average number of employees during the year was 1 (2023 : 1).
4.

Tax on profit on ordinary activities

2024
£
  2023
£
UK Corporation Tax 71   
71   

5.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Total
  £   £   £
At 01 February 2023 13,074    1,050    14,124 
Additions    
Disposals    
At 31 January 2024 13,074    1,050    14,124 
Depreciation
At 01 February 2023 5,448    372    5,820 
Charge for year 3,269    210    3,479 
On disposals    
At 31 January 2024 8,717    582    9,299 
Net book values
Closing balance as at 31 January 2024 4,357    468    4,825 
Opening balance as at 01 February 2023 7,626    678    8,304 


6.

Debtors: amounts falling due within one year

2024
£
  2023
£
Called up Share Capital Not Paid 100    100 
Directors' Current Accounts 16,042    14,870 
16,142    14,970 

7.

Creditors: amount falling due within one year

2024
£
  2023
£
Provision for corporation tax 471    200 
Accrued Expenses 1,200    600 
1,671    800 

8.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans 24,285    25,364 
24,285    25,364 

9.

Profit and loss account

  2024
£
Balance at 01 February 2023 (2,604)
Loss for the year (2,396)
Balance at 31 January 2024 (5,000)

6
  2024
£
  2023
£
Turnover          
Sales   21,480      16,220 
  21,480      16,220 
Cost of sales          
Printing and Albums Production Cost 277     
Sub-Contract Cost 9,275      2,575 
  (9,552)     (2,575)
Gross profit   11,928      13,645 
Administrative expenses          
Clothing 47     
Accountancy Fees 600      600 
Professional Fees 633      1,003 
Cleaning 56      58 
Use of Home as Office 312      312 
Motor Vehicle Expenses     563 
General Travel Expenses 2,470      2,023 
Late Charges 200      200 
Depreciation 3,478      2,319 
Advertising & Marketing 42      665 
General Insurance 248      204 
IT Software and Consumables 1,038      1,344 
Repairs & Maintenance     132 
Stationery & Postage     2 
Telephone, Fax & Internet 244      277 
Postage, Freight & Courier 39     
Photography Supplies 212      88 
Donations 109     
Subsistence 3,617      2,656 
Subscriptions 162      106 
Website Cost 746     
  (14,253)     (12,552)
Operating profit/(loss)   (2,325)     1,093 
Profit/(Loss) on ordinary activities before taxation   (2,325)     1,093 
Tax on profit on ordinary activities          
UK Corporation Tax 71     
  (71)    
Profit/(Loss) for the financial year   (2,396)     1,093 
 
7