Company registration number 05799990 (England and Wales)
PHILIP BURROWS ASSOCIATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
PHILIP BURROWS ASSOCIATES LIMITED
COMPANY INFORMATION
Director
Mr P J Burrows
Secretary
Mrs K A Burrows
Company number
05799990
Registered office
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC Bank Plc
102 Brompton Road
Knightsbridge
London
SW3 1JJ
PHILIP BURROWS ASSOCIATES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
PHILIP BURROWS ASSOCIATES LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PHILIP BURROWS ASSOCIATES LIMITED FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Philip Burrows Associates Limited for the year ended 30 April 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Philip Burrows Associates Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Philip Burrows Associates Limited and state those matters that we have agreed to state to the board of directors of Philip Burrows Associates Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Philip Burrows Associates Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Philip Burrows Associates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Philip Burrows Associates Limited. You consider that Philip Burrows Associates Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Philip Burrows Associates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
27 November 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
PHILIP BURROWS ASSOCIATES LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
16,418
19,629
Current assets
Debtors
5
34,723
43,934
Cash at bank and in hand
5,102
2,618
39,825
46,552
Creditors: amounts falling due within one year
6
(37,208)
(37,783)
Net current assets
2,617
8,769
Total assets less current liabilities
19,035
28,398
Creditors: amounts falling due after more than one year
7
(17,797)
(27,442)
Provisions for liabilities
8
(751)
(682)
Net assets
487
274
Capital and reserves
Called up share capital
10
2
2
Profit and loss reserves
485
272
Total equity
487
274
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PHILIP BURROWS ASSOCIATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 27 November 2024
Mr P J Burrows
Director
Company registration number 05799990 (England and Wales)
PHILIP BURROWS ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information
Philip Burrows Associates Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Oakley, Kidderminster Road, Droitwich, Worcestershire, WR9 9AY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and has been fully amortised on a systematic basis over its expected life.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
10% on cost
Fixtures and fittings
25% on reducing balance
Computer equipment
33% on cost
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
PHILIP BURROWS ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
7,500
Amortisation and impairment
At 1 May 2023 and 30 April 2024
7,500
Carrying amount
At 30 April 2024
At 30 April 2023
PHILIP BURROWS ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 May 2023
20,745
1,674
15,823
38,242
Additions
866
866
At 30 April 2024
20,745
1,674
16,689
39,108
Depreciation and impairment
At 1 May 2023
3,230
1,185
14,198
18,613
Depreciation charged in the year
2,075
123
1,879
4,077
At 30 April 2024
5,305
1,308
16,077
22,690
Carrying amount
At 30 April 2024
15,440
366
612
16,418
At 30 April 2023
17,515
489
1,625
19,629
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
32,045
Other debtors
34,723
11,889
34,723
43,934
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
9,706
9,829
Trade creditors
3,134
5,253
Taxation and social security
22,091
18,414
Other creditors
2,277
4,287
37,208
37,783
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
17,797
27,442
PHILIP BURROWS ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
751
682
9
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank loans
27,503
37,271
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' of £1 each
1
1
1
1
Ordinary 'B' of £1 each
1
1
1
1
2
2
2
2
11
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Loan account
2.25
9,486
56,854
262
(33,000)
33,602
9,486
56,854
262
(33,000)
33,602
The directors' loan account was repaid within nine months of the year end.
12
Ultimate controlling party
The ultimate controlling party is Mr P J Burrows and Mrs K A Burrows.