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Company No: 14738826 (England and Wales)

PHIPPS ENTERPRISE LTD

Unaudited Financial Statements
For the financial period from 01 April 2024 to 31 December 2024
Pages for filing with the registrar

PHIPPS ENTERPRISE LTD

Unaudited Financial Statements

For the financial period from 01 April 2024 to 31 December 2024

Contents

PHIPPS ENTERPRISE LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
PHIPPS ENTERPRISE LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 31.12.2024 31.03.2024
£ £
Current assets
Debtors 3 0 50
Cash at bank and in hand 425 0
425 50
Creditors: amounts falling due within one year 4 ( 5,720) 0
Net current (liabilities)/assets (5,295) 50
Total assets less current liabilities (5,295) 50
Net (liabilities)/assets ( 5,295) 50
Capital and reserves
Called-up share capital 5 50 50
Profit and loss account ( 5,345 ) 0
Total shareholders' (deficit)/funds ( 5,295) 50

For the financial period ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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: 14738826) were approved and authorised for issue by the Board of Directors on 19 March 2025. They were signed on its behalf by:

Robert John WIlliam Phipps
Director
PHIPPS ENTERPRISE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 April 2024 to 31 December 2024
PHIPPS ENTERPRISE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 April 2024 to 31 December 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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.

Reporting period length

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.

Impairment of assets

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Period from
01.04.2024 to
31.12.2024
Period from
17.03.2023 to
31.03.2024
Number Number
Monthly average number of persons employed by the Company during the period, including directors 2 2

3. Debtors

31.12.2024 31.03.2024
£ £
Amounts owed by directors 0 50

4. Creditors: amounts falling due within one year

31.12.2024 31.03.2024
£ £
Amounts owed to directors 3,950 0
Accruals 1,770 0
5,720 0

5. Called-up share capital

31.12.2024 31.03.2024
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 0.50 each 50 50

6. Related party transactions

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.