REGISTERED NUMBER: 02177482 (England and Wales)

Unaudited Financial Statements

for the Year Ended 29 June 2024

for

Phipp & Co (Accountants) Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C Bond

Mrs S C Payne

REGISTERED OFFICE:

6 Nottingham Road

Long Eaton

Nottinghamshire

NG10 1HP

REGISTERED NUMBER:

02177482 (England and Wales)

ACCOUNTANTS:

Phipp & Co (Accountants) Limited

6 Nottingham Road

Long Eaton

Nottinghamshire

NG10 1HP

FIXED ASSETS

Intangible assets

3

-

-

Tangible assets

4

7,585

5,370

7,585

5,370

CURRENT ASSETS

Stocks

299,133

321,125

Debtors

50,700

69,957

Cash at bank and in hand

1,654

1,156

351,487

392,238

CREDITORS

Amounts falling due within one year

237,665

146,188

NET CURRENT ASSETS

113,822

246,050

TOTAL ASSETS LESS CURRENT LIABILITIES

121,407

251,420

CREDITORS

Amounts falling due after more than one year

(13,130

)

(24,294

)

PROVISIONS FOR LIABILITIES

(1,897

)

(1,020

)

NET ASSETS

106,380

226,106

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

106,280

226,006

106,380

226,106

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 29 June 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by:

Mrs S C Payne - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33.33% on cost and 20% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 13 ) .

3.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 30 June 2023

and 29 June 2024

675,000

AMORTISATION

At 30 June 2023

and 29 June 2024

675,000

NET BOOK VALUE

At 29 June 2024

-

At 29 June 2023

-

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 30 June 2023

119,225

Additions

5,846

At 29 June 2024

125,071

DEPRECIATION

At 30 June 2023

113,855

Charge for year

3,631

At 29 June 2024

117,486

NET BOOK VALUE

At 29 June 2024

7,585

At 29 June 2023

5,370

5.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

7,051

16,425

Between one and five years

13,515

-

20,566

16,425