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REGISTERED NUMBER: 12072260 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

PHILIP WRIGHT (2020) LTD

PHILIP WRIGHT (2020) LTD (REGISTERED NUMBER: 12072260)

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


PHILIP WRIGHT (2020) LTD

COMPANY INFORMATION
for the year ended 31 May 2024







DIRECTORS: P E Wright
K H Wright





REGISTERED OFFICE: 158 Barkby Road
Leicester
United Kingdom
LE4 9LF





REGISTERED NUMBER: 12072260 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
Unit 2 Charnwood Edge Business Park
Syston Road, Leicester
LE7 4UZ
Magma Audit LLP is part
Of the Dains Group

PHILIP WRIGHT (2020) LTD (REGISTERED NUMBER: 12072260)

BALANCE SHEET
31 May 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 980,318 1,025,204
Investments 5 141,000 141,000
1,121,318 1,166,204

CURRENT ASSETS
Stocks - 51,711
Debtors 6 201,838 129,096
Cash at bank 33,110 17,509
234,948 198,316
CREDITORS
Amounts falling due within one year 7 (577,007 ) (685,033 )
NET CURRENT LIABILITIES (342,059 ) (486,717 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

779,259

679,487

CREDITORS
Amounts falling due after more than one
year

8

(365,594

)

(348,937

)

PROVISIONS FOR LIABILITIES (122,658 ) (143,300 )
NET ASSETS 291,007 187,250

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 290,007 186,250
291,007 187,250

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 directors acknowledge their 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.

PHILIP WRIGHT (2020) LTD (REGISTERED NUMBER: 12072260)

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 February 2025 and were signed on its behalf by:





P E Wright - Director


PHILIP WRIGHT (2020) LTD (REGISTERED NUMBER: 12072260)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 May 2024


1. STATUTORY INFORMATION

Philip Wright (2020) Ltd is a limited company, 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.

Turnover
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of goods
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the cost incurred and the costs to complete the contract can be measured reliably

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 10 - 33% on cost
Motor vehicles - 20-50% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


PHILIP WRIGHT (2020) LTD (REGISTERED NUMBER: 12072260)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024


2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Investments in subsidiaries
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 June 2023 379,484 1,029,396 1,408,880
Additions 22,458 259,320 281,778
Disposals (9,654 ) (83,167 ) (92,821 )
At 31 May 2024 392,288 1,205,549 1,597,837
DEPRECIATION
At 1 June 2023 158,059 225,617 383,676
Charge for year 62,278 204,832 267,110
Eliminated on disposal - (33,267 ) (33,267 )
At 31 May 2024 220,337 397,182 617,519
NET BOOK VALUE
At 31 May 2024 171,951 808,367 980,318
At 31 May 2023 221,425 803,779 1,025,204

PHILIP WRIGHT (2020) LTD (REGISTERED NUMBER: 12072260)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024


5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 June 2023
and 31 May 2024 141,000
NET BOOK VALUE
At 31 May 2024 141,000
At 31 May 2023 141,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 58,332 59,807
Other debtors 80,000 -
Directors' current accounts 9,995 -
VAT - 26,047
Prepayments and accrued income 53,511 43,242
201,838 129,096

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 143,809 85,296
Trade creditors 202,617 135,025
Amounts owed to group undertakings 152,992 388,567
VAT 7,741 -
Other creditors 68,198 68,195
Directors' current accounts - 6,300
Accruals and deferred income 1,650 1,650
577,007 685,033

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Preference shares 90,000 90,000
Hire purchase contracts 275,594 258,937
365,594 348,937

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 419,403 344,233

Obligations under hire purchase contracts are secured on the assets concerned.

PHILIP WRIGHT (2020) LTD (REGISTERED NUMBER: 12072260)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024


10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2024 and 31 May 2023:

2024 2023
£    £   
P E Wright
Balance outstanding at start of year - -
Amounts advanced 9,995 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 9,995 -