Registration number:
Phippsters Limited
Pages for filing with the Registrar
for the Year Ended 30 April 2024
Phippsters Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Phippsters Limited
Company Information
Directors |
Mr M J Phipps Mrs N L Phipps |
Registered office |
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Accountants |
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Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Phippsters Limited
for the Year Ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Phippsters Limited for the year ended 30 April 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made solely to the Board of Directors of Phippsters Limited, as a body, in accordance with the terms of our engagement letter dated 20 February 2025. Our work has been undertaken solely to prepare for your approval the accounts of Phippsters Limited and state those matters that we have agreed to state to the Board of Directors of Phippsters Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Phippsters Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Phippsters Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Phippsters Limited. You consider that Phippsters 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 accounts of Phippsters 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 accounts.
......................................
Chartered Certified Accountants
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT
Phippsters Limited
(Registration number: 07471711)
Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
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Current assets |
|||
Stocks |
- |
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Total assets less current liabilities |
( |
( |
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Retained earnings |
(37,906) |
(37,796) |
|
Shareholders' deficit |
(37,806) |
(37,696) |
For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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.
Approved and authorised by the
......................................... |
Phippsters Limited
Statement of Changes in Equity for the Year Ended 30 April 2024
Called up share capital |
Profit and loss account |
Total equity |
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At 1 May 2023 |
|
( |
( |
Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 30 April 2024 |
|
( |
( |
Called up share capital |
Profit and loss account |
Total equity |
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At 1 May 2022 |
|
( |
( |
Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 30 April 2023 |
100 |
(37,796) |
(37,696) |
Phippsters Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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.
The financial statements are prepared in £ sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis.
At the 30th April 2024 the company has net liabilities of £37,806. The company's activities in the early periods of trade have required substantial investment at a time when the trade has not been fully established. Profit and loss and balance sheet projections prepared by the directors suggest future profitability and a positive net asset position. The loan creditors in the form of the other loan creditors and the directors have informed the company that they will not seek repayment of their loans to the detriment of other creditors. The value of these creditors at the 30th April 2024 is £37,500. Continuation of the company's activities is dependent upon this support and the directors have prepared these financial statements on the going concern basis on the assumption that this support continues.
Phippsters Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
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.
The current corporation 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.
The company has no current corporation tax charge due to the tax losses arising in the current year and in previous periods. These tax losses will carry forward to offset against future years taxable profits.
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.
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.
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.
Phippsters Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
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.
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.
Phippsters Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Financial instruments
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 the profit and 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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Stocks |
2024 |
2023 |
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Other inventories |
- |
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Debtors |
2024 |
2023 |
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Trade debtors |
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Other debtors |
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Phippsters Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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- |
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Trade creditors |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Reserves |
The profit and loss reserves of the company contain no non distributable elements
Phippsters Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Other borrowings |
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Current loans and borrowings
2024 |
2023 |
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Other borrowings |
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- |
Related party transactions |
Other transactions with directors |
At the 30th April 2024 creditors due to be repaid after more than one year includes an amount of £18,750 (2023 £18,750) owed to the director Mr M Phipps.
Mr M Phipps made no further loan advances during the 2024 year.
The loan attracts interest and expenditure includes the sum of £nil (2023 £1,250) in respect of loan interest paid by the company on this loan.
At the 30th April 2024 creditors due to be repaid after more than one year includes an amount of £18,750 (2023 £18,750) owed to Mrs N Phipps who is the wife of the director Mr M Phipps.
Mrs N Phipps made no further loan advances during the 2024 year.
The loan attracts interest and expenditure includes the sum of £nil (2023 £1,250) in respect of loan interest paid by the company on this loan.