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REGISTERED NUMBER: 08430460 (England and Wales)












Unaudited Financial Statements

for the Year Ended 29 February 2024

for

Peter & Sarah Phillips Limited

Peter & Sarah Phillips Limited (Registered number: 08430460)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Peter & Sarah Phillips Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: Mrs S Phillips
P M Phillips





SECRETARY:





REGISTERED OFFICE: Draenen Ddu
Croesgoch
HAVERFORDWEST
Pembrokeshire
SA62 5JN





REGISTERED NUMBER: 08430460 (England and Wales)

Peter & Sarah Phillips Limited (Registered number: 08430460)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 361,170 322,746

CURRENT ASSETS
Stocks 5 41,060 24,400
Debtors 6 137,510 64,750
Cash at bank and in hand 19,118 16,467
197,688 105,617
CREDITORS
Amounts falling due within one year 7 191,022 162,261
NET CURRENT ASSETS/(LIABILITIES) 6,666 (56,644 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

367,836

266,102

CREDITORS
Amounts falling due after more than one year 8 (65,047 ) (92,009 )

PROVISIONS FOR LIABILITIES (94,545 ) (33,894 )
NET ASSETS 208,244 140,199

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 208,242 140,197
SHAREHOLDERS' FUNDS 208,244 140,199

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

Peter & Sarah Phillips Limited (Registered number: 08430460)

Balance Sheet - continued
29 February 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 November 2024 and were signed on its behalf by:




P M Phillips - Director



Mrs S Phillips - Director


Peter & Sarah Phillips Limited (Registered number: 08430460)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Peter & Sarah Phillips Limited 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.

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on cost
Fixtures and fittings - 15% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Peter & Sarah Phillips Limited (Registered number: 08430460)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023 467,490
Additions 129,100
Disposals (47,050 )
At 29 February 2024 549,540
DEPRECIATION
At 1 March 2023 144,744
Charge for year 64,161
Eliminated on disposal (20,535 )
At 29 February 2024 188,370
NET BOOK VALUE
At 29 February 2024 361,170
At 28 February 2023 322,746

Peter & Sarah Phillips Limited (Registered number: 08430460)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 March 2023 296,390
Additions 25,500
At 29 February 2024 321,890
DEPRECIATION
At 1 March 2023 78,581
Charge for year 44,459
At 29 February 2024 123,040
NET BOOK VALUE
At 29 February 2024 198,850
At 28 February 2023 217,809

5. STOCKS
29.2.24 28.2.23
£    £   
Stocks 41,060 24,400

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 137,510 64,750

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 9,520 9,520
Hire purchase contracts 33,325 40,983
Trade creditors 80,297 20,153
Social security and other taxes 6 15
VAT 6,966 9,159
Directors' current accounts 59,218 80,961
Accrued expenses 1,690 1,470
191,022 162,261

Peter & Sarah Phillips Limited (Registered number: 08430460)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Bank loans - 2-5 years 11,900 21,420
Hire purchase contracts 53,147 70,589
65,047 92,009

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

29.2.24 28.2.23
£    £   
P M Phillips and Mrs S Phillips
Balance outstanding at start of year (80,961 ) (88,466 )
Amounts advanced 25,743 11,505
Amounts repaid (4,000 ) (4,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (59,218 ) (80,961 )

10. RELATED PARTY DISCLOSURES

During the year, total dividends of £4,000 were paid to the directors .