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Company registration number: 07435451
Phil Anderson Limited
Unaudited filleted financial statements
30 November 2024
Phil Anderson Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Phil Anderson Limited
Directors and other information
Directors Philip Anderson
Valerie Anderson
Company number 07435451
Registered office 22 Seymour Road
St Albans
AL3 5HW
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Phil Anderson Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Phil Anderson Limited
Year ended 30 November 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Phil Anderson Limited for the year ended 30 November 2024 which comprise the statement of financial position and 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 http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Phil Anderson Limited, as a body, in accordance with the terms of our engagement letter dated 8 May 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Phil Anderson Limited and state those matters that we have agreed to state to the board of directors of Phil Anderson 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 Phil Anderson Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Phil Anderson 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 Phil Anderson Limited. You consider that Phil Anderson 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 Phil Anderson 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.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
3 March 2025
Phil Anderson Limited
Statement of financial position
30 November 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 666 175
Investments 6 252,727 181,439
_______ _______
253,393 181,614
Current assets
Debtors 7 31,033 49,697
Cash at bank and in hand 625,017 707,106
_______ _______
656,050 756,803
Creditors: amounts falling due
within one year 8 ( 60,479) ( 87,948)
_______ _______
Net current assets 595,571 668,855
_______ _______
Total assets less current liabilities 848,964 850,469
Provisions for liabilities ( 10,100) ( 1,700)
_______ _______
Net assets 838,864 848,769
_______ _______
Capital and reserves
Called up share capital 20 20
Profit and loss account 9 838,844 848,749
_______ _______
Shareholders funds 838,864 848,769
_______ _______
For the year ending 30 November 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 March 2025 , and are signed on behalf of the board by:
Philip Anderson Valerie Anderson
Director Director
Company registration number: 07435451
Phil Anderson Limited
Notes to the financial statements
Year ended 30 November 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 22 Seymour Road, St Albans, AL3 5HW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
Computer equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Fixtures, fittings and equipment Computer equipment Total
£ £ £
Cost
At 1 December 2023 1,334 - 1,334
Additions - 547 547
_______ _______ _______
At 30 November 2024 1,334 547 1,881
_______ _______ _______
Depreciation
At 1 December 2023 1,159 - 1,159
Charge for the year 43 13 56
_______ _______ _______
At 30 November 2024 1,202 13 1,215
_______ _______ _______
Carrying amount
At 30 November 2024 132 534 666
_______ _______ _______
At 30 November 2023 175 - 175
_______ _______ _______
6. Investments
Other investments other than loans Total
£ £
Cost or valuation
At 1 December 2023 181,439 181,439
Additions 32,002 32,002
Revaluations 39,286 39,286
_______ _______
At 30 November 2024 252,727 252,727
_______ _______
Impairment
At 1 December 2023 and 30 November 2024 - -
_______ _______
Carrying amount
At 30 November 2024 252,727 252,727
_______ _______
At 30 November 2023 181,439 181,439
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors 30,973 49,638
Other debtors 60 59
_______ _______
31,033 49,697
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 62 13
Corporation tax 17,590 42,774
Social security and other taxes 14,862 16,479
Other creditors 27,965 28,682
_______ _______
60,479 87,948
_______ _______
9. Reserves
Of the profit and loss reserve, £46,197 is unrealised and therefore not distributable.
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Philip Anderson ( 2,253) ( 573) 1,221 ( 1,605)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Philip Anderson ( 962) ( 2,241) 950 ( 2,253)
_______ _______ _______ _______