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Registered Number: 12479207
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 29 February 2024

for

PHILIP ADAMS INTERIORS LTD

 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 18,767    7,789 
18,767    7,789 
Current assets      
Stocks 4 300    300 
Debtors 5 173,250    107,250 
Cash at bank and in hand 5,510    3,244 
179,060    110,794 
Creditors: amount falling due within one year 6 (175,522)   (129,575)
Net current assets 3,538    (18,781)
 
Total assets less current liabilities 22,305    (10,992)
Creditors: amount falling due after more than one year 7 (29,552)   (14,726)
Provisions for liabilities 8 (3,530)  
Net assets (10,777)   (25,718)
 

Capital and reserves
     
Called up share capital 9 1    1 
Profit and loss account (10,778)   (25,719)
Shareholders' funds (10,777)   (25,718)
 


For the year ended 29 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:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the director on 27 November 2024 and were signed by:


-------------------------------
P Adams
Director
1
General Information
Philip Adams Interiors Ltd is a private company, limited by shares, registered in England and Wales, registration number 12479207, registration address 2 Otter Street, Hilton, Derby, Derbyshire, DE65 5NS.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and operating profitability, and that it is well placed to manage its business risks successfully. The director is continuing to review the company's position and make changes as required to assist the company in making adequate provisions for company debt.  Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.  
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Computer Equipment 33% Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Borrowing costs
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
2.

Average number of employees

Average number of employees during the year was 3 (2023 : 3).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Computer Equipment   Total
  £   £   £
At 01 March 2023 15,000    2,090    17,090 
Additions 20,995      20,995 
Disposals (15,000)     (15,000)
At 29 February 2024 20,995    2,090    23,085 
Depreciation
At 01 March 2023 8,672    629    9,301 
Charge for year 3,062    627    3,689 
On disposals (8,672)     (8,672)
At 29 February 2024 3,062    1,256    4,318 
Net book values
Closing balance as at 29 February 2024 17,933    834    18,767 
Opening balance as at 01 March 2023 6,328    1,461    7,789 


4.

Stocks

2024
£
  2023
£
Stocks 300    300 
300    300 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 61,697    28,306 
Prepayments & Accrued Income 528    5,193 
Directors' Current Accounts 111,025    73,751 
173,250    107,250 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 4,190    4,083 
Bank Loans & Overdrafts (Secured) 2,154    2,059 
Corporation Tax 33,169    44,629 
PAYE & Social Security 1,375    698 
Accrued Expenses 66,325    36,676 
Other Creditors 31,179    14,373 
Obligations under HP/Financial Leases 3,892   
VAT 33,238    27,057 
175,522    129,575 
Bank Loans and Overdrafts include the Bounce Back Loan which is 100% Government guaranteed.

7.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts (secured) 12,642    14,726 
Obligations Under HP/Financial Leases 16,910   
29,552    14,726 
Bank Loans and Overdrafts include the Bounce Back Loan which is 100% Government guaranteed.

8.

Provisions for liabilities

2024
£
  2023
£
Charged to Profit & Loss 3,530   
3,530   

9.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
1 Ordinary share of £1.00 each  
 

10.

Advances and Credits



P Adams
Moneys loaned to the director in the ordinary course of business. Interest has been charged at the official rate of interest.

Current year (2024)
Brought Forward
£
Amount
£
Interest
£
Repaid
£
Written Off
£
Waived
£
Carry Forward
£
P Adams73,750 35,430 1,844 111,024 
73750354301844000111024
Previous year (2023)
Brought Forward
£
Amount
£
Interest
£
Repaid
£
Written Off
£
Waived
£
Carry Forward
£
P Adams47,241 25,381 1,128 73,750 
4724125381112800073750
11.

Operating leases

The total of future minimum lease payments under non-cancellable operating leases for each of the following periods:

Period due   2024
£
  2023
£
Due over one year and less than five years 20,450  26,027 

Lease payments are recognised as an expense in the profit and loss.
2