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COMPANY REGISTRATION NUMBER: 12358071
Phiromar Ltd
Unaudited Financial Statements
31 August 2024
Phiromar Ltd
Financial Statements
Year ended 31 August 2024
Contents
Page
Directors' report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
5
Phiromar Ltd
Directors' Report
Year ended 31 August 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 August 2024 .
Directors
The directors who served the company during the year were as follows:
Miss P Marker
Mrs F Y Marker
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 24 April 2025 and signed on behalf of the board by:
Miss P Marker
Director
Registered office:
7 Redbridge Lane East
Ilford
Essex
IG4 5ET
Phiromar Ltd
Statement of Income and Retained Earnings
Year ended 31 August 2024
2024
2023
Note
£
£
Turnover
33,812
31,372
--------
--------
Gross profit
33,812
31,372
Administrative expenses
22,809
16,731
--------
--------
Operating profit
11,003
14,641
Interest payable and similar expenses
4
6,399
6,388
--------
--------
Profit before taxation
4,604
8,253
Tax on profit
875
1,568
-------
-------
Profit for the financial year and total comprehensive income
3,729
6,685
-------
-------
Retained earnings at the start of the year
20,224
13,539
--------
--------
Retained earnings at the end of the year
23,953
20,224
--------
--------
All the activities of the company are from continuing operations.
Phiromar Ltd
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
285,075
285,075
Current assets
Debtors
6
148
1,208
Cash at bank and in hand
35,138
26,144
--------
--------
35,286
27,352
Creditors: amounts falling due within one year
7
110,618
106,413
---------
---------
Net current liabilities
75,332
79,061
---------
---------
Total assets less current liabilities
209,743
206,014
Creditors: amounts falling due after more than one year
8
185,690
185,690
---------
---------
Net assets
24,053
20,324
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
23,953
20,224
--------
--------
Shareholders funds
24,053
20,324
--------
--------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Phiromar Ltd
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 24 April 2025 , and are signed on behalf of the board by:
Miss P Marker
Director
Company registration number: 12358071
Phiromar Ltd
Notes to the Financial Statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Redbridge Lane East, Ilford, Essex, IG4 5ET.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents rental income receivable. 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. Rental income is recognised on an accrual basis in accordance with the substance of the relevant agreement.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
4. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
6,399
6,388
-------
-------
5. Tangible assets
Freehold property
£
Cost
At 1 September 2023 and 31 August 2024
285,075
---------
Depreciation
At 1 September 2023 and 31 August 2024
---------
Carrying amount
At 31 August 2024
285,075
---------
At 31 August 2023
285,075
---------
The company's investment property is carried in the balance sheet at a fair value at 31 August 2024.
6. Debtors
2024
2023
£
£
Other debtors
148
1,208
----
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
875
1,568
Other creditors
109,743
104,845
---------
---------
110,618
106,413
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
185,690
185,690
---------
---------
Bank loans of £185,690 are secured.