Registration number:
Phillips Estates Limited
for the Year Ended 1 February 2024
Phillips Estates Limited
(Registration number: NI013089)
Balance Sheet as at 1 February 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,000 |
1,000 |
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Retained earnings |
200,305 |
176,886 |
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Shareholders' funds |
201,305 |
177,886 |
For the financial year ending 1 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Phillips Estates Limited
(Registration number: NI013089)
Balance Sheet as at 1 February 2024
Approved and authorised by the
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Phillips Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 1 February 2024
General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Rental income
Rental income comprises rents receivable for the period. Lease incentives granted to tenants are recognised as rental income on a straight line basis over the duration of the lease.
Taxation
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and investment properties over their estimated useful lives, as follows:
Phillips Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 1 February 2024
Asset class |
Depreciation method and rate |
Leasehold property |
2% straight line basis |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Phillips Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 1 February 2024
Tangible assets |
Leasehold property |
Total |
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Cost or valuation |
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At 2 February 2023 |
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At 1 February 2024 |
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Depreciation |
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At 2 February 2023 |
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Charge for the year |
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At 1 February 2024 |
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Carrying amount |
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At 1 February 2024 |
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At 1 February 2023 |
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Investment properties |
2024 |
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At 2 February 2023 |
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At 1 February 2024 |
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The Company's investment property was acquired in the year ending 1st February 2016. In the opinion of the Director the fair value at the reporting date equates to its cost.
Debtors |
2024 |
2023 |
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Other debtors |
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