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Registration number: 05236467

Russell Phillips Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Russell Phillips Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Russell Phillips Limited

Company Information

Directors

Mr Jonathan Russell

Mrs Lina Pujara

Registered office

23 Station Road
Gerrards Cross
Bucks
SL9 8ES

Accountants

ReesRussell LLP
Chartered Accountants
37 Market Square
Gerrards Cross
Witney
OX28 6RE

 

Russell Phillips Limited

(Registration number: 05236467)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

67,500

167,500

Tangible assets

5

71,228

35,070

 

138,728

202,570

Current assets

 

Debtors

6

185,771

216,026

Cash at bank and in hand

 

120,569

98,418

 

306,340

314,444

Creditors: Amounts falling due within one year

7

(150,092)

(179,899)

Net current assets

 

156,248

134,545

Total assets less current liabilities

 

294,976

337,115

Creditors: Amounts falling due after more than one year

7

(198,562)

(229,600)

Provisions for liabilities

(17,807)

(8,768)

Net assets

 

78,607

98,747

Capital and reserves

 

Called up share capital

90

90

Capital redemption reserve

10

10

Retained earnings

78,507

98,647

Shareholders' funds

 

78,607

98,747

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Russell Phillips Limited

(Registration number: 05236467)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 27 December 2024 and signed on its behalf by:
 

.........................................
Mr Jonathan Russell
Director

 

Russell Phillips Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
23 Station Road
Gerrards Cross
Bucks
SL9 8ES
UK

These financial statements were authorised for issue by the Board on 27 December 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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Russell Phillips Limited

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Furniture, fittings and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 year straight line

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.

 

Russell Phillips Limited

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Russell Phillips Limited

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2023 - 15).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

648,317

648,317

At 31 March 2024

648,317

648,317

Amortisation

At 1 April 2023

480,817

480,817

Amortisation charge

100,000

100,000

At 31 March 2024

580,817

580,817

Carrying amount

At 31 March 2024

67,500

67,500

At 31 March 2023

167,500

167,500


 

 

Russell Phillips Limited

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

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

38,640

83,149

121,789

Additions

-

76,685

76,685

Disposals

-

(83,149)

(83,149)

At 31 March 2024

38,640

76,685

115,325

Depreciation

At 1 April 2023

37,423

49,296

86,719

Charge for the year

304

9,178

9,482

Eliminated on disposal

-

(52,104)

(52,104)

At 31 March 2024

37,727

6,370

44,097

Carrying amount

At 31 March 2024

913

70,315

71,228

At 31 March 2023

1,217

33,853

35,070

6

Debtors

Current

2024
£

2023
£

Trade debtors

136,416

96,078

Prepayments

-

24,948

Other debtors

49,355

95,000

 

185,771

216,026

 

Russell Phillips Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

69,587

92,406

Taxation and social security

 

63,512

66,274

Accruals and deferred income

 

1,203

1,203

Other creditors

 

15,790

20,016

 

150,092

179,899

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

198,562

229,600

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

16,612

73,555

Hire purchase contracts

56,950

31,045

Other borrowings

125,000

125,000

198,562

229,600

2024
£

2023
£

Current loans and borrowings

Bank borrowings

57,097

88,289

Hire purchase contracts

12,490

4,117

69,587

92,406

 

Russell Phillips Limited

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

Bank borrowings

Bank borrowings is denominated in £ with a nominal interest rate of 4%, and the final instalment is due on 24 October 2024. The carrying amount at year end is £47,096 (2023 - £125,385).

The loan is secured by way of personal guarantee.

 

Russell Phillips Limited

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

9

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr Jonathan Russell

Director's loan account

138,766

8,727

(9,000)

138,493

         
       

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr Jonathan Russell

Director's loan account

129,679

18,088

(9,000)

138,766

         
       

 

The loan account attracts interest calculated monthly at 0.5% of the stated balance and is unsecured.
As at the year end an amount of £ 125,000 is subject to one year's notice, the balance £ 13,493 is reported within other creditors above.