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Registered number: 01413157









ARLENE PHILLIPS HOT GOSSIP LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
ARLENE PHILLIPS HOT GOSSIP LIMITED
REGISTERED NUMBER: 01413157

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 6 
34,008
22,380

  
34,008
22,380

Current assets
  

Debtors: amounts falling due within one year
 7 
71,914
59,578

Cash at bank and in hand
  
938,249
908,281

Current liabilities
  
1,010,163
967,859

Creditors: amounts falling due within one year
 8 
(86,049)
(96,209)

Net current assets
  
 
 
924,114
 
 
871,650

Total assets less current liabilities
  
958,122
894,030

Provisions for liabilities
  

Deferred tax
 9 
(4,467)
(889)

  
 
 
(4,467)
 
 
(889)

Net assets
  
953,655
893,141


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
953,555
893,041

  
953,655
893,141


Page 1

 
ARLENE PHILLIPS HOT GOSSIP LIMITED
REGISTERED NUMBER: 01413157
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 April 2025.

................................................
Dame Arlene Phillips, DBE
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
ARLENE PHILLIPS HOT GOSSIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Arlene Phillips Hot Gossip Limited is a private company limited by shares and registered in England and Wales. The registered office address is 124 Finchley Road, London, NW3 5JS. The address of its principal place of business is 9 Perceval Avenue, London, NW3 4PY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

After reviewing the company's forecasts and projections, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
ARLENE PHILLIPS HOT GOSSIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Current and deferred taxation

Tax is recognised in the Statement of Income and Retained Earnings.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the United Kingdom.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the statement of financial position date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Leasehold Property Improvements
-
straight line over twenty years
Fixtures & fittings
-
reducing balance over three years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
ARLENE PHILLIPS HOT GOSSIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.7

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from related parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

 
2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. 


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.


4.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


5.


Dividends

2024
2023
£
£


Dividends Ordinary shares
114,000
85,000

114,000
85,000

Page 5

 
ARLENE PHILLIPS HOT GOSSIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

6.


Tangible fixed assets





Short Term Leasehold Property
Fixtures & equipment
Total

£
£
£



Cost or valuation


At 1 August 2023
547,437
59,572
607,009


Additions
-
20,000
20,000



At 31 July 2024

547,437
79,572
627,009



Depreciation


At 1 August 2023
530,849
53,780
584,629


Charge for the year on owned assets
1,362
7,010
8,372



At 31 July 2024

532,211
60,790
593,001



Net book value



At 31 July 2024
15,226
18,782
34,008



At 31 July 2023
16,588
5,792
22,380

Page 6

 
ARLENE PHILLIPS HOT GOSSIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

7.


Debtors

2024
2023
£
£


Trade debtors
47,547
11,242

Prepayments and accrued income
24,367
48,336

71,914
59,578



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other taxation and social security
68,716
76,278

Other creditors
2,896
4,097

Accruals and deferred income
14,437
15,834

86,049
96,209



9.


Deferred taxation




2024


£






At beginning of year
(889)


Charged to profit or loss
(3,578)



At end of year
(4,467)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(4,467)
(889)

(4,467)
(889)

Page 7

 
ARLENE PHILLIPS HOT GOSSIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

10.


Related party transactions

At the reporting date, the company owed £178 (2023: £1,008) to Arlene Phillips, a director. The balance was provided interest free and is repayable on demand.

Page 8