Phillips Estates Limited NI013089 false 2023-02-02 2024-02-01 2024-02-01 The principal activity of the company is the holding of property for rental Digita Accounts Production Advanced 6.30.9574.0 true NI013089 2023-02-02 2024-02-01 NI013089 2024-02-01 NI013089 bus:OrdinaryShareClass1 2024-02-01 NI013089 core:CurrentFinancialInstruments 2024-02-01 NI013089 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-01 NI013089 core:LandBuildings 2024-02-01 NI013089 bus:SmallEntities 2023-02-02 2024-02-01 NI013089 bus:AuditExemptWithAccountantsReport 2023-02-02 2024-02-01 NI013089 bus:FilletedAccounts 2023-02-02 2024-02-01 NI013089 bus:SmallCompaniesRegimeForAccounts 2023-02-02 2024-02-01 NI013089 bus:RegisteredOffice 2023-02-02 2024-02-01 NI013089 bus:Director1 2023-02-02 2024-02-01 NI013089 bus:OrdinaryShareClass1 2023-02-02 2024-02-01 NI013089 bus:PrivateLimitedCompanyLtd 2023-02-02 2024-02-01 NI013089 core:LandBuildings 2023-02-02 2024-02-01 NI013089 countries:NorthernIreland 2023-02-02 2024-02-01 NI013089 2023-02-01 NI013089 core:LandBuildings 2023-02-01 NI013089 2022-02-02 2023-02-01 NI013089 2023-02-01 NI013089 bus:OrdinaryShareClass1 2023-02-01 NI013089 core:CurrentFinancialInstruments 2023-02-01 NI013089 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-01 NI013089 core:LandBuildings 2023-02-01 NI013089 core:PreviouslyStatedAmount 2023-02-01 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI013089

Phillips Estates Limited

Unaudited Filleted Financial Statements

for the Year Ended 1 February 2024

 

Phillips Estates Limited

(Registration number: NI013089)
Balance Sheet as at 1 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

28,808

29,836

Investment property

5

202,783

202,783

 

231,591

232,619

Current assets

 

Debtors

6

807

4,691

Cash at bank and in hand

 

65,935

56,507

 

66,742

61,198

Creditors: Amounts falling due within one year

7

(97,028)

(115,931)

Net current liabilities

 

(30,286)

(54,733)

Net assets

 

201,305

177,886

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

200,305

176,886

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:

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 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 director on 28 October 2024
 

.........................................
Michael Phillips
Director

 

Phillips Estates 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: 6 Orchard Way, Ballycultra, Holywood, Co. Down, BT18 0BE.

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.

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

Investment property is included in the balance sheet at fair value, which is determined by the expected market value at the reporting date. Changes in fair value are reported through the profit and loss account.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Phillips Estates Limited

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

4

Tangible assets

Leasehold property
£

Total
£

Cost or valuation

At 2 February 2023

51,424

51,424

At 1 February 2024

51,424

51,424

Depreciation

At 2 February 2023

21,588

21,588

Charge for the year

1,028

1,028

At 1 February 2024

22,616

22,616

Carrying amount

At 1 February 2024

28,808

28,808

At 1 February 2023

29,836

29,836

5

Investment properties

2024
£

At 2 February 2023

202,783

At 1 February 2024

202,783

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.

6

Debtors

2024
£

2023
£

Other debtors

807

4,691

 

807

4,691

 

Phillips Estates Limited

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

7

Creditors

2024
£

2023
£

Other creditors

97,028

115,931

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000