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Registration number: 13232599

Tim Phillips Consultancy Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2025

 

Tim Phillips Consultancy Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Tim Phillips Consultancy Limited

Company Information

Director

Mr Timothy Phillips

Registered office

15 Finchley Drive
St Helens
Merseyside
WA11 9EW

Accountants

McGinty Demack Limited
Chartered Certified Accountants
Vermont House
Bradley Lane
Standish
Wigan
WN6 0XF

 

Tim Phillips Consultancy Limited

(Registration number: 13232599)
Balance Sheet as at 28 February 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

9,891

10,138

Current assets

 

Debtors

5

16,406

15,243

Cash at bank and in hand

 

217,879

161,979

 

234,285

177,222

Creditors: Amounts falling due within one year

6

(37,819)

(36,390)

Net current assets

 

196,466

140,832

Net assets

 

206,357

150,970

Capital and reserves

 

Called up share capital

7

2

1

Retained earnings

206,355

150,969

Shareholders' funds

 

206,357

150,970

For the financial year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Tim Phillips Consultancy Limited

(Registration number: 13232599)
Balance Sheet as at 28 February 2025

Approved and authorised by the director on 23 April 2025
 

.........................................
Mr Timothy Phillips
Director

 

Tim Phillips Consultancy Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
15 Finchley Drive
St Helens
Merseyside
WA11 9EW
United Kingdom

These financial statements were authorised for issue by the director on 23 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

Tim Phillips Consultancy Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income 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 countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

15% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Tim Phillips Consultancy Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2024 - 3).

 

Tim Phillips Consultancy Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2024

13,300

13,300

Additions

1,499

1,499

At 28 February 2025

14,799

14,799

Depreciation

At 1 March 2024

3,162

3,162

Charge for the year

1,746

1,746

At 28 February 2025

4,908

4,908

Carrying amount

At 28 February 2025

9,891

9,891

At 29 February 2024

10,138

10,138

5

Debtors

Current

2025
£

2024
£

Trade debtors

16,406

15,243

 

16,406

15,243

6

Creditors

Creditors: amounts falling due within one year

 

Tim Phillips Consultancy Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

2025
£

2024
£

Due within one year

Taxation and social security

31,826

29,679

Other creditors

5,993

6,711

37,819

36,390

7

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary Shares of £1 each

1

1

1

1

Ordinary B Shares of £1 (2024 - £0) each

1

1

-

-

2

2

1

1