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Company No: 12158370 (England and Wales)

PHIPPS LEISURE LTD

Unaudited Financial Statements
For the financial period from 01 September 2023 to 31 December 2024
Pages for filing with the registrar

PHIPPS LEISURE LTD

Unaudited Financial Statements

For the financial period from 01 September 2023 to 31 December 2024

Contents

PHIPPS LEISURE LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
PHIPPS LEISURE LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 31.12.2024 31.08.2023
£ £
Fixed assets
Tangible assets 3 2,704 3,036
2,704 3,036
Current assets
Cash at bank and in hand 119,058 62,986
119,058 62,986
Creditors: amounts falling due within one year 4 ( 65,511) ( 44,086)
Net current assets 53,547 18,900
Total assets less current liabilities 56,251 21,936
Provision for liabilities 5 ( 676) ( 577)
Net assets 55,575 21,359
Capital and reserves
Called-up share capital 6 2 2
Profit and loss account 55,573 21,357
Total shareholders' funds 55,575 21,359

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 Leisure Ltd (registered number: 12158370) 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 LEISURE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 September 2023 to 31 December 2024
PHIPPS LEISURE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 September 2023 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 year, unless otherwise stated.

General information and basis of accounting

Phipps Leisure 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.

Reporting period length

The reporting period length has been extended to a 16 month period. The prior year reporting period was 12 months and therefore the comparative period would be one year from 1 September 2022 to 31 August 2023.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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
01.09.2023 to
31.12.2024
Year ended
31.08.2023
Number Number
Monthly average number of persons employed by the Company during the period, including directors 2 2

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 September 2023 3,265 3,265
Additions 640 640
At 31 December 2024 3,905 3,905
Accumulated depreciation
At 01 September 2023 229 229
Charge for the financial period 972 972
At 31 December 2024 1,201 1,201
Net book value
At 31 December 2024 2,704 2,704
At 31 August 2023 3,036 3,036

4. Creditors: amounts falling due within one year

31.12.2024 31.08.2023
£ £
Amounts owed to directors 51,091 37,568
Accruals 3,290 2,050
Taxation and social security 11,130 4,468
65,511 44,086

5. Deferred tax

31.12.2024 31.08.2023
£ £
At the beginning of financial period/year ( 577) 0
Charged to the Statement of Income and Retained Earnings ( 99) ( 577)
At the end of financial period/year ( 676) ( 577)

6. Called-up share capital

31.12.2024 31.08.2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

7. Related party transactions

Transactions with the entity's directors

31.12.2024 31.08.2023
£ £
Amounts owed to directors by the Company 42,091 37,568

There is no interest charged and there are no fixed repayment terms.