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REGISTERED NUMBER: 03637723 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

S G Phillips Properties Limited

S G Phillips Properties Limited (Registered number: 03637723)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


S G Phillips Properties Limited

Company Information
for the Year Ended 31 May 2024







DIRECTOR: S G Phillips





SECRETARY: S G Phillips





REGISTERED OFFICE: 71b St Owen Street
Hereford
Herefordshire
HR1 2JQ





REGISTERED NUMBER: 03637723 (England and Wales)





ACCOUNTANTS: R J Francis & Co
Suites 1 & 2
Marshall Business Centre
Faraday Road
Hereford
Herefordshire
HR4 9NS

S G Phillips Properties Limited (Registered number: 03637723)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 134,810 138,337
Investment property 5 1,565,000 1,512,000
1,699,810 1,650,337

CURRENT ASSETS
Debtors 6 2,708 3,602
Cash at bank 7,670 3,506
10,378 7,108
CREDITORS
Amounts falling due within one year 7 32,044 422,469
NET CURRENT LIABILITIES (21,666 ) (415,361 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,678,144 1,234,976

CREDITORS
Amounts falling due after more than one
year

8

(375,000

)

-

PROVISIONS FOR LIABILITIES (204,924 ) (205,621 )
NET ASSETS 1,098,220 1,029,355

CAPITAL AND RESERVES
Called up share capital 220,002 220,002
Fair value reserve 10 1,218,554 1,164,872
Retained earnings (340,336 ) (355,519 )
1,098,220 1,029,355

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

S G Phillips Properties Limited (Registered number: 03637723)

Balance Sheet - continued
31 May 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 director and authorised for issue on 14 February 2025 and were signed by:





S G Phillips - Director


S G Phillips Properties Limited (Registered number: 03637723)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

S G Phillips Properties 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 as modified by the revaluation of certain assets.

Turnover
The turnover shown in the profit and loss account represents rentals due for the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 1% on cost
Improvements to property - 10% on reducing balance
Fixtures and fittings - 33% on cost and 10% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

S G Phillips Properties Limited (Registered number: 03637723)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to and
property property fittings Totals
£    £    £    £   
COST
At 1 June 2023 149,307 241,465 29,009 419,781
Additions - - 400 400
Disposals - - (753 ) (753 )
At 31 May 2024 149,307 241,465 28,656 419,428
DEPRECIATION
At 1 June 2023 32,847 221,920 26,677 281,444
Charge for year 1,493 1,954 274 3,721
Eliminated on disposal - - (547 ) (547 )
At 31 May 2024 34,340 223,874 26,404 284,618
NET BOOK VALUE
At 31 May 2024 114,967 17,591 2,252 134,810
At 31 May 2023 116,460 19,545 2,332 138,337

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023 1,512,000
Revaluations 53,000
At 31 May 2024 1,565,000
NET BOOK VALUE
At 31 May 2024 1,565,000
At 31 May 2023 1,512,000

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2024 1,565,000

If the investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 347,128 347,128

The investment properties were valued on an open market basis on 31 May 2024 by Mr S G Phillips, director .

S G Phillips Properties Limited (Registered number: 03637723)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 2,708 3,602

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 375,000
Trade creditors 1,026 1,433
Taxation and social security 4,330 2,536
Other creditors 26,688 43,500
32,044 422,469

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 375,000 -

The bank loan of £375,000 is repayable in June 2026.

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 375,000 375,000

The bank loan is secured by a first legal charge over the freehold property at 71 - 73 St Owen Street, Hereford and 2, 4 and 7 Harrison Street, Hereford.

10. RESERVES
Fair
value
reserve
£   
At 1 June 2023 1,164,872
Property revaluation 53,682

At 31 May 2024 1,218,554