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REGISTERED NUMBER: 08589065 (England and Wales)















Financial Statements

for the Year Ended 31 March 2024

for

Mark Phillips Developments Ltd

Mark Phillips Developments Ltd (Registered number: 08589065)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Mark Phillips Developments Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: C Phillips
M F Phillips





REGISTERED OFFICE: Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA





REGISTERED NUMBER: 08589065 (England and Wales)





ACCOUNTANTS: Wilson Partners Limited
Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA

Mark Phillips Developments Ltd (Registered number: 08589065)

Statement of Financial Position
31 March 2024

31/3/24 31/3/23
Notes £    £   
FIXED ASSETS
Property, plant and equipment 5 12,068 3,838

CURRENT ASSETS
Inventories 670,410 135,909
Debtors 6 225,243 531,784
Cash at bank 83,657 119,104
979,310 786,797
CREDITORS
Amounts falling due within one year 7 (566,068 ) (256,715 )
NET CURRENT ASSETS 413,242 530,082
TOTAL ASSETS LESS CURRENT
LIABILITIES

425,310

533,920

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 425,210 533,820
SHAREHOLDERS' FUNDS 425,310 533,920

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 November 2024 and were signed on its behalf by:





C Phillips - Director


Mark Phillips Developments Ltd (Registered number: 08589065)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Mark Phillips Developments Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced fees receivable, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

Stocks
Inventories represent land and property acquired for development and in the process of being developed. All costs associated with the development work are included and a provision is made if the carrying value of the inventories is deemed to be greater than fair value. Such provision is expensed through profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

Mark Phillips Developments Ltd (Registered number: 08589065)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
Cost
At 1 April 2023 1,040 3,429 347 4,816
Additions 9,528 - - 9,528
At 31 March 2024 10,568 3,429 347 14,344
Depreciation
At 1 April 2023 251 713 14 978
Charge for year 533 678 87 1,298
At 31 March 2024 784 1,391 101 2,276
Net book value
At 31 March 2024 9,784 2,038 246 12,068
At 31 March 2023 789 2,716 333 3,838

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Trade debtors 153,992 530,634
Other debtors 71,251 1,150
225,243 531,784

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Trade creditors 25,408 10,924
Taxation and social security 4,712 132,005
Other creditors 535,948 113,786
566,068 256,715