Company No:
Contents
Note | 31.12.2024 | 31.03.2024 | ||
£ | £ | |||
Current assets | ||||
Debtors | 3 |
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Cash at bank and in hand |
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425 | 50 | |||
Creditors: amounts falling due within one year | 4 | (
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Net current (liabilities)/assets | (5,295) | 50 | ||
Total assets less current liabilities | (5,295) | 50 | ||
Net (liabilities)/assets | (
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Capital and reserves | ||||
Called-up share capital | 5 |
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Profit and loss account | (
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Total shareholders' (deficit)/funds | (
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Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Phipps Enterprise Ltd (registered number:
Robert John WIlliam Phipps
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial period, unless otherwise stated.
Phipps Enterprise Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Fairway Pottery Road, Bovey Tracey, Newton Abbot, TQ13 9DS, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £5,295. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The reporting period length has been shortened to a 9 month period. The prior year reporting period was the first financial accounting period and therefore the comparative period would be from 17 March 2023 to 31 March 2024.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Period from 01.04.2024 to 31.12.2024 |
Period from 17.03.2023 to 31.03.2024 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including directors |
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31.12.2024 | 31.03.2024 | ||
£ | £ | ||
Amounts owed by directors |
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31.12.2024 | 31.03.2024 | ||
£ | £ | ||
Amounts owed to directors |
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Accruals |
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31.12.2024 | 31.03.2024 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with the entity's directors
31.12.2024 | 31.03.2024 | ||
£ | £ | ||
Amounts owed to / (by) Directors | 3,950 | (50) |
The accounts are interest free and there are no set repayment terms.