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Registration number: NI020891

Phillips (Lisburn) Limited

Annual Report and Financial Statements

for the Year Ended 29 February 2024

 

Phillips (Lisburn) Limited

Company Information

Directors

Mr T G Phillips

Mrs M Phillips

Company secretary

Mrs M Phillips

Registered office

58 Saintfield Road
Lisburn
County Antrim
BT27 5BE

Auditors

Stevenson & Wilson
Chartered Accountants and Registered Auditors
22-30 Broadway Avenue
Ballymena
Co. Antrim
BT43 7AA

Solicitors

McAteer & Co
97 Bloomfield Road
Belfast
BT5 5LN

 

Phillips (Lisburn) Limited

Directors' Report for the Year Ended 29 February 2024

The directors present their report and the financial statements for the year ended 29 February 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr T G Phillips

Mrs M Phillips - Company secretary and director

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Required disclosures dealt with in the strategic report

In accordance with the provisions of S414c(11) of the Companies Act 2006, the following matters, otherwise required for inclusion in the Directors’ Report, have been included in the Strategic Report

• Financial instruments incorporating financial risk management objectives and policies, and
• Likely future developments in the business of the Company.

Dividends

The Directors recommended, and paid, a dividend of £38,500 during the year.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Stevenson & Wilson as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

 

Phillips (Lisburn) Limited

Directors' Report for the Year Ended 29 February 2024

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 25 November 2024 and signed on its behalf by:
 

.........................................
Mr T G Phillips
Director

 

Phillips (Lisburn) Limited

Strategic Report for the Year Ended 29 February 2024

The directors present their strategic report for the year ended 29 February 2024.

Review of the business

The impact that the pandemic had on the vehicle industry was well documented, and it took longer than anticipated for the market to return to stability following this period of volatility. It was really only through the year to February 2024 that the directors felt that market operating conditions had returned to normality.

That being said, high levels of inflation and the resulting squeeze on household incomes might have had the potential to restrict levels of consumer demand, but the directors were pleased that this didn’t seem to materialise.

The Directors are encouraged to be reporting a high increase in vehicle sale volumes which has resulted in increased turnover and gross profit. This is expected to continue into the next financial year.

Overall, the directors are pleased with the results for the year and in the manner in which the Company has conducted its business. They remain committed to engaging openly and fairly with all stakeholders. Consistent senior management, low staff turnover and the cultivation of long-standing customer relationships reflect this commitment and are also key drivers in the Company’s continued success.

Principal risks and uncertainties

The principle risks affecting the Company’s performance are the levels of local business and consumer spending as well as the vehicle manufacturers’ approach to maintaining their dealership networks.

A summary of the key performance indicators is given below:

Key performance indicators

2024

2023

Variance

£

£

%

Turnover

26,293,871

20,832,624

26.2%

Gross profit

2,530,260

2,158,618

17.2%

Net profit before tax

1,116,027

1,048,873

6.4%

Financial instruments

The Company does not have any necessity to engage in any form of hedging activities nor is the utilisation of any other form of financial instrument required.

With a high level of cash resources and no borrowings the Company is not facing any liquidity or cash flow risk.

Approved and authorised by the Board on 25 November 2024 and signed on its behalf by:
 

.........................................
Mr T G Phillips
Director

 

Phillips (Lisburn) Limited

Independent Auditor's Report to the Members of Phillips (Lisburn) Limited

Opinion

We have audited the financial statements of Phillips (Lisburn) Limited (the 'company') for the year ended 29 February 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 29 February 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Phillips (Lisburn) Limited

Independent Auditor's Report to the Members of Phillips (Lisburn) Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 2], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified the laws and regulations applicable to the company through discussions with directors and key personnel, and from our own knowledge and experience of the automotive industry. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation, while also giving consideration to data protection regulations, employment law and health and safety legislation.

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations and the team remained alert to the possibility of fraud and non-compliance throughout the audit.

 

Phillips (Lisburn) Limited

Independent Auditor's Report to the Members of Phillips (Lisburn) Limited

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur. We did so through discussions with management as to their assessment of areas where fraud or non-compliance might occur, as well as considering the internal controls in place to mitigate risks of fraud and non-compliance.

In order to ascertain the extent of compliance with the laws and regulations, we made enquiries of management as to whether there was any actual or potential litigation, we reviewed legal correspondence, we inspected tax correspondence and we performed analytical procedures to identify any unusual or unexpected activity.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

......................................
Peter Stevenson (Senior Statutory Auditor)
For and on behalf of Stevenson & Wilson, Statutory Auditor

22-30 Broadway Avenue
Ballymena
Co. Antrim
BT43 7AA

25 November 2024

 

Phillips (Lisburn) Limited

Profit and Loss Account for the Year Ended 29 February 2024

Note

2024
£

2023
£

Turnover

3

26,293,871

20,832,624

Cost of sales

 

(23,763,611)

(18,674,006)

Gross profit

 

2,530,260

2,158,618

Administrative expenses

 

(1,823,516)

(1,318,061)

Other operating income

141,473

159,593

Operating profit

6

848,217

1,000,150

Other interest receivable and similar income

300,382

60,991

Interest payable and similar expenses

7

(32,572)

(12,268)

Profit before tax

 

1,116,027

1,048,873

Tax on profit

8

(272,710)

(218,822)

Profit for the financial year

 

843,317

830,051

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Phillips (Lisburn) Limited

(Registration number: NI020891)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

10

3,012,215

3,089,143

Current assets

 

Stocks

11

2,876,302

2,471,619

Debtors

12

448,531

450,706

Cash at bank and in hand

 

9,785,512

9,197,300

 

13,110,345

12,119,625

Creditors : due within one year

13

(1,287,228)

(1,163,060)

Net current assets

 

11,823,117

10,956,565

Total assets less current liabilities

 

14,835,332

14,045,708

Provisions for liabilities

14

(67,021)

(82,214)

Net assets

 

14,768,311

13,963,494

Capital and reserves

 

Called up share capital

35,000

35,000

Retained earnings

14,733,311

13,928,494

Shareholders' funds

 

14,768,311

13,963,494

Approved and authorised by the Board on 25 November 2024 and signed on its behalf by:
 

.........................................
Mr T G Phillips
Director

 

Phillips (Lisburn) Limited

Statement of Cash Flows for the Year Ended 29 February 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

843,317

830,051

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

79,919

80,305

Finance income

(300,382)

(60,991)

Finance costs

7

32,572

12,268

Income tax expense

8

272,710

218,822

 

928,136

1,080,455

Working capital adjustments

 

Increase in stocks

11

(404,683)

(14,506)

Decrease/(increase) in trade debtors

12

2,175

(67,904)

Increase in trade creditors

13

43,520

308,546

Cash generated from operations

 

569,148

1,306,591

Income taxes paid

8

(207,255)

(241,328)

Net cash flow from operating activities

 

361,893

1,065,263

Cash flows from investing activities

 

Interest received

300,382

60,991

Acquisitions of tangible assets

(2,991)

(18,230)

Net cash flows from investing activities

 

297,391

42,761

Cash flows from financing activities

 

Interest paid

7

(32,572)

(12,268)

Dividends paid

9

(38,500)

(52,050)

Net cash flows from financing activities

 

(71,072)

(64,318)

Net increase in cash and cash equivalents

 

588,212

1,043,706

Cash and cash equivalents at 1 March

 

9,197,300

8,153,594

Cash and cash equivalents at 29 February

 

9,785,512

9,197,300

 

Phillips (Lisburn) Limited

Statement of Changes in Equity for the Year Ended 29 February 2024

Share capital
£

Retained earnings
£

Total
£

At 1 March 2023

35,000

13,928,494

13,963,494

Profit for the year

-

843,317

843,317

Dividends

-

(38,500)

(38,500)

At 29 February 2024

35,000

14,733,311

14,768,311

Share capital
£

Retained earnings
£

Total
£

At 1 March 2022

35,000

13,150,493

13,185,493

Profit for the year

-

830,051

830,051

Dividends

-

(52,050)

(52,050)

At 28 February 2023

35,000

13,928,494

13,963,494

 

Phillips (Lisburn) Limited

Notes to the Financial Statements for the Year Ended 29 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: 58 Saintfield Road, Lisburn, County Antrim, BT27 5BE

These financial statements were authorised for issue by the Board on 25 November 2024.

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

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.

Revenue recognition

Turnover, which excludes value added tax and trade discounts, is measured at the fair value of consideration received or receivable and represents the invoiced value of goods and services supplied. Turnover from the sale of goods is recognised when the Company has completed its performance obligations under the terms of the sale which is typically upon goods delivery and at which the point the risks and rewards associated with the ownership of the goods have passed to the purchaser. Turnover from the rendering of services is recognised on completion of the work, at which point the Company has earned entitlement to the consideration.

Tangible assets

Tangible fixed assets are stated at cost less accumulated depreciation and provision for impairment. Cost includes acquisition price together with directly attributable expenditure associated with bringing the asset to a position suitable for intended use.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land

Not depreciated

Fixtures and equipment

10 - 20% per year

Leasehold improvements

10% per year

Stock and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value with provision made for obsolete and slow-moving items. Net realisable value is calculated as expected selling price, less costs to completion. Cost is based on purchase price including related delivery and conversion costs. Raw material stock is valued on a ‘first-in, first-out’ basis.

 

Phillips (Lisburn) Limited

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

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.

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.

Taxation

Current tax is recognised as the amount of income tax payable in respect of the profit for the current and past periods. It is calculated using the tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax is accounted for on all differences arising from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax is calculated using the tax rates that have been enacted or substantively enacted by the reporting date and which are expected to apply to the reversal of the timing difference. Deferred tax assets have not been recognised on the grounds that future reversal and recoverability is uncertain.

Pension scheme

The Company pension scheme is a defined contribution insured scheme operated by a life assurance company and is available to all staff. The assets of the scheme are held separately from those of the Company in an independently administered fund. The premiums payable by the Company are charged in the accounts in the year in which they are paid.

3

Turnover

The analysis of the company's revenue for the year from continuing operations is as follows:

2024
 £

2023
 £

Sale of goods

25,348,492

20,010,808

Rendering of services

945,379

821,816

26,293,871

20,832,624

 

Phillips (Lisburn) Limited

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

4

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
 £

2023
 £

Wages and salaries

992,540

882,471

Pension contributions to employees personal pension schemes

381,610

17,488

Social security costs

86,520

78,912

1,460,670

978,871

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Directors

2

2

Administration and support

3

3

Sales

28

27

33

32

5

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
 £

2023
 £

Remuneration

22,612

22,612

Pension contributions

360,000

-

382,612

22,612

6

Operating profit

Arrived at after charging/(crediting)

2024
 £

2023
 £

Depreciation expense

79,919

80,305

Auditor's remuneration - The audit of the company's annual accounts

6,500

6,000

7

Interest payable and similar expenses

2024
 £

2023
 £

Interest and charges payable on financing interest

32,572

12,268

 

Phillips (Lisburn) Limited

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

8

Taxation

Tax charged/(credited) in the income statement

2024
 £

2023
 £

Current taxation

UK corporation tax

288,219

207,255

UK corporation tax adjustment to prior periods

(316)

-

287,903

207,255

Deferred taxation

Arising from origination and reversal of timing differences

(15,193)

11,567

Tax expense in the income statement

272,710

218,822

The taxation charge differs from the standard rate of corporation tax in the UK. differences are explained below:

2024
£

2023
£

Profit before tax

1,116,027

1,048,873

Corporation tax at standard rate

273,335

199,286

Accelerated capital allowances and other timing differences

-

(195)

Adjustment to deferred tax due to change of tax rate

(309)

19,731

Adjustment in respect of prior years

(316)

-

Total tax charge

272,710

218,822

9

Dividends

   

2024
£

 

2023
£

Equity dividends paid

 

38,500

 

52,050

         

 

Phillips (Lisburn) Limited

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

10

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

3,265,130

290,955

3,556,085

Additions

-

2,991

2,991

At 29 February 2024

3,265,130

293,946

3,559,076

Depreciation

At 1 March 2023

292,723

174,219

466,942

Charge for the year

45,732

34,187

79,919

At 29 February 2024

338,455

208,406

546,861

Carrying amount

At 29 February 2024

2,926,675

85,540

3,012,215

At 28 February 2023

2,972,407

116,736

3,089,143

11

Stocks

2024
 £

2023
 £

Goods for resale

2,797,334

2,416,106

Work in progress

78,968

55,513

2,876,302

2,471,619

12

Debtors

2024
£

2023
£

Trade debtors

181,116

229,139

Other debtors

15,495

53,996

Prepayments and accrued income

251,920

167,571

 

448,531

450,706

 

Phillips (Lisburn) Limited

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

13

Creditors: due within one year

2024
 £

2023
 £

Trade creditors

504,936

506,110

Payments on account

162,348

137,719

Other tax and social security

213,046

135,904

Accruals and deferred income

102,926

132,732

Corporation tax

288,219

207,571

Other creditors

15,753

43,024

1,287,228

1,163,060

14

Provisions for liabilities

Deferred tax
£

Total
£

At 1 March 2023

82,214

82,214

Increase (decrease) in existing provisions

(15,193)

(15,193)

At 29 February 2024

67,021

67,021

15

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

35,000

35,000

35,000

35,000

         

The Company has only one class of ordinary shares. They entitle the holder to full voting rights, dividend entitlement and any repayment of capital.

16

Commitments

Capital commitments

There were no commitments at the balance sheet date (2023 - £Nil).

17

Parent and ultimate parent undertaking

The directors T.G Phillips and M.A Phillips are considered to be the ultimate controlling party.

18

Related party transactions

The balance due from the Directors at the year end totals £15,495 in aggregate (2023: £53,995). It is included within the other debtors’ balance as disclosed in note 12 to these accounts.