Company Registration No. 01943550 (England and Wales)
PHILLIPS-TUFTEX LIMITED
Unaudited accounts
for the year ended 31 December 2024
PHILLIPS-TUFTEX LIMITED
Unaudited accounts
Contents
PHILLIPS-TUFTEX LIMITED
Company Information
for the year ended 31 December 2024
Company Number
01943550 (England and Wales)
Registered Office
Albion Builldings
Attleborough Road
Nuneaton
Warwickshire
CV11 4JJ
United Kingdom
Accountants
Mehta Financial Consultants Limited
Chartered Certified Accountants
100 Park Crescent
Harrow
Middlesex
HA3 6ET
PHILLIPS-TUFTEX LIMITED
Statement of financial position
as at 31 December 2024
Tangible assets
25,088
29,585
Inventories
1,242,376
1,324,944
Cash at bank and in hand
120,037
398,812
Creditors: amounts falling due within one year
(913,887)
(1,073,574)
Net current assets
1,128,067
1,146,330
Total assets less current liabilities
1,155,762
1,178,331
Creditors: amounts falling due after more than one year
(78,295)
(131,098)
Net assets
1,077,467
1,047,233
Called up share capital
8,950
8,950
Profit and loss account
1,067,467
1,037,233
Shareholders' funds
1,077,467
1,047,233
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 14 May 2025 and were signed on its behalf by
S N Robinson
Director
Company Registration No. 01943550
PHILLIPS-TUFTEX LIMITED
Notes to the Accounts
for the year ended 31 December 2024
PHILLIPS-TUFTEX LIMITED is a private company, limited by shares, registered in England and Wales, registration number 01943550. The registered office is Albion Builldings, Attleborough Road, Nuneaton, Warwickshire, CV11 4JJ, United Kingdom.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
20% per annum on reducing balance basis
Fixtures & fittings
15% reducing balance and 25% per annum on straight line basis
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Tangible fixed assets
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 January 2024
6,500
205,357
211,857
At 31 December 2024
6,500
205,357
211,857
At 1 January 2024
5,301
176,971
182,272
Charge for the year
239
4,258
4,497
At 31 December 2024
5,540
181,229
186,769
At 31 December 2024
960
24,128
25,088
At 31 December 2023
1,199
28,386
29,585
PHILLIPS-TUFTEX LIMITED
Notes to the Accounts
for the year ended 31 December 2024
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Investments
Other investments
Valuation at 1 January 2024
2,416
Fair value adjustments
191
Valuation at 31 December 2024
2,607
This relates to shares held in Aviva Plc stated at market value.
Amounts falling due within one year
Trade debtors
445,069
285,822
Amounts due from group undertakings etc.
147,717
134,542
Accrued income and prepayments
70,351
63,495
Other debtors
16,404
12,289
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Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
361,198
451,881
Trade creditors
388,438
424,869
Taxes and social security
85,376
70,941
Loans from directors
2,449
12,450
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Creditors: amounts falling due after more than one year
2024
2023
The above loan relates to Covid 19 Business Interruption Loan which was received in June 2020. The first 12 months are on interest free basis and than 2.5% thereafter. The loan is repayable over 5 years.
Allotted, called up and fully paid:
8,950 Ordinary shares of £1 each
8,950
8,950
PHILLIPS-TUFTEX LIMITED
Notes to the Accounts
for the year ended 31 December 2024
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Transactions with related parties
Included in debtors within one year is amount £147,580 (2023: £134,542) due from the Parent company.
Consultancy fees
The company paid £65,840 (2023: £65,840) to Albion Sports Limited, a company in which Mr Simon Robinson has a participating interest.
The ultimate parent company is Tuftex Properties Limited, a company registered in England and Wales
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Average number of employees
During the year the average number of employees was 11 (2023: 12).