Philbec Nurseries Limited
Registered number: 10428862
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 114,552 129,332
Tangible assets 4 33,583 40,021
148,135 169,353
Current assets
Debtors 5 5,629 9,898
Cash at bank and in hand 73,298 94,311
78,927 104,209
Creditors: amounts falling due within one year 6 (40,203) (29,387)
Net current assets 38,724 74,822
Total assets less current liabilities 186,859 244,175
Provisions for liabilities (6,381) (7,604)
Net assets 180,478 236,571
Capital and reserves
Called up share capital 2 2
Profit and loss account 180,476 236,569
Shareholders' funds 180,478 236,571
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P Munns
Director
Approved by the board on 28 April 2025
Philbec Nurseries Limited
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover is recognised when the services have been provided.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment over 3 years
Furniture, fittings and equipment over 10 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 30 30
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2023 151,895
At 31 October 2024 151,895
Amortisation
At 1 November 2023 22,563
Provided during the year 14,780
At 31 October 2024 37,343
Net book value
At 31 October 2024 114,552
At 31 October 2023 129,332
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Office equipment Furniture, fixtures & fittings Total
£ £ £
Cost
At 1 November 2023 30,966 39,641 70,607
Additions 2,280 3,040 5,320
At 31 October 2024 33,246 42,681 75,927
Depreciation
At 1 November 2023 19,152 11,434 30,586
Charge for the year 8,110 3,648 11,758
At 31 October 2024 27,262 15,082 42,344
Net book value
At 31 October 2024 5,984 27,599 33,583
At 31 October 2023 11,814 28,207 40,021
5 Debtors 2024 2023
£ £
Other debtors 5,629 9,898
5,629 9,898
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 617 580
Taxation and social security costs 18,934 8,864
Other creditors 20,652 19,943
40,203 29,387
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 42,000 66,000
8 Controlling party
Philbec Nurseries Limited is controlled by P Munns and R Siegel by virtue of their majority shareholding in the company.
9 Other information
Philbec Nurseries Limited is a private company limited by shares and incorporated in England. Its registered office is:
9 Park Place
Newdigate Road
Harefield
Middlesex
UB9 6EJ
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