REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
PHYLLIS ESTATES LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
PHYLLIS ESTATES LTD |
PHYLLIS ESTATES LTD (REGISTERED NUMBER: 11181218) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 29 February 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PHYLLIS ESTATES LTD |
COMPANY INFORMATION |
for the year ended 29 February 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
PHYLLIS ESTATES LTD (REGISTERED NUMBER: 11181218) |
ABRIDGED BALANCE SHEET |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve |
Retained earnings |
The director acknowledges his 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. |
PHYLLIS ESTATES LTD (REGISTERED NUMBER: 11181218) |
ABRIDGED BALANCE SHEET - continued |
29 February 2024 |
The financial statements were approved by the director and authorised for issue on |
PHYLLIS ESTATES LTD (REGISTERED NUMBER: 11181218) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Phyllis Estates Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The director continues to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future. The director is of the opinion that the company will be able to meet any liabilities as and when due with the continued support of the director. |
Investment property |
Investment properties are properties held to earn rentals and for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Short term debtors and creditors |
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. |
PHYLLIS ESTATES LTD (REGISTERED NUMBER: 11181218) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 29 February 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
The properties were valued by the director at open market value as at 29 February 2024. |
5. | RELATED PARTY DISCLOSURES |
Included in other debtors are amounts aggregating £2,580,038 (2023: £2,580,287) due from companies of which the director of this company is a director. |
Included in other creditors are amounts aggregating £2,565,902 (2023: £2,613,744) due to companies of which the director of this company is a director. |
At the balance sheet date, the company owed £72,092 (2023: £14,324) to Mr Y M Cohen, the sole director. |