Phillips (Lion Motors) Limited NI009897 false 2023-02-02 2024-02-01 2024-02-01 The principal activity of the company is the holding of property for rental, making and considering of property investment, and receipt of interest from bank deposits Digita Accounts Production Advanced 6.30.9574.0 true true NI009897 2023-02-02 2024-02-01 NI009897 2024-02-01 NI009897 bus:OrdinaryShareClass1 2024-02-01 NI009897 core:CurrentFinancialInstruments 2024-02-01 NI009897 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-01 NI009897 bus:SmallEntities 2023-02-02 2024-02-01 NI009897 bus:AuditExemptWithAccountantsReport 2023-02-02 2024-02-01 NI009897 bus:FilletedAccounts 2023-02-02 2024-02-01 NI009897 bus:SmallCompaniesRegimeForAccounts 2023-02-02 2024-02-01 NI009897 bus:RegisteredOffice 2023-02-02 2024-02-01 NI009897 bus:Director2 2023-02-02 2024-02-01 NI009897 bus:OrdinaryShareClass1 2023-02-02 2024-02-01 NI009897 bus:PrivateLimitedCompanyLtd 2023-02-02 2024-02-01 NI009897 countries:NorthernIreland 2023-02-02 2024-02-01 NI009897 2023-02-01 NI009897 2022-02-02 2023-02-01 NI009897 2023-02-01 NI009897 bus:OrdinaryShareClass1 2023-02-01 NI009897 core:CurrentFinancialInstruments 2023-02-01 NI009897 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-01 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI009897

Phillips (Lion Motors) Limited

Unaudited Filleted Financial Statements

for the Year Ended 1 February 2024

 

Phillips (Lion Motors) Limited

(Registration number: NI009897)
Balance Sheet as at 1 February 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

500,000

500,000

Current assets

 

Debtors

5

1,020,129

1,071,358

Cash at bank and in hand

 

127,715

115,273

 

1,147,844

1,186,631

Creditors: Amounts falling due within one year

6

(55,561)

(52,219)

Net current assets

 

1,092,283

1,134,412

Net assets

 

1,592,283

1,634,412

Capital and reserves

 

Called up share capital

7

752

752

Retained earnings

1,591,531

1,633,660

Shareholders' funds

 

1,592,283

1,634,412

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her 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 (Lion Motors) Limited

(Registration number: NI009897)
Balance Sheet as at 1 February 2024

Approved and authorised by the director on 2 September 2024
 

.........................................
Ms Kathleen Jane Gardner
Director

 

Phillips (Lion Motors) Limited

Notes to the Unaudited Financial Statements for the Year Ended 1 February 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 18A Sketrick Island, Killinchy, BT23 6QH.

These financial statements were authorised for issue by the director on 2 September 2024.

2

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of the rental of property in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The Company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the Company’s activities.

Tax

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.

 

Phillips (Lion Motors) Limited

Notes to the Unaudited Financial Statements for the Year Ended 1 February 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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. Financial assets, including debtors, are reviewed at the reporting date to determine if there is any evidence of potential impairment. Any losses arising from impairment are recognised in the income statement in operating expenses.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

 

Phillips (Lion Motors) Limited

Notes to the Unaudited Financial Statements for the Year Ended 1 February 2024

4

Investment properties

2024
£

At 2 February 2023

500,000

At 1 February 2024

500,000

The investment property is held at its fair open market value as estimated by the director. In reviewing the value of the property the director considers factors including rental yield, condition of the premises, existing tenant leases and demand in the local property sector. Any changes in the fair value of the property are reported through the profit and loss account.

5

Debtors

2024
£

2023
£

Amounts due from parent company

541,046

599,438

Amounts due from associated company

83,173

79,468

Other debtors

395,910

392,452

1,020,129

1,071,358

6

Creditors

2024
£

2023
£

Directors current account

24,817

20,430

Taxation and social security

3,704

5,262

Accruals

12,952

9,455

Corporation tax

14,088

17,072

55,561

52,219

 

Phillips (Lion Motors) Limited

Notes to the Unaudited Financial Statements for the Year Ended 1 February 2024

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary equity shares of £1 each

752

752

752

752