Registered number
04449218
Philip Hadley Limited
Filleted Accounts
31 August 2024
Philip Hadley Limited
Registered number: 04449218
Balance Sheet
as at 31 August 2024
Notes 2024 2023
Fixed assets
Tangible assets 3 130,032 130,967
Investments 4 2,588 2,588
132,620 133,555
Current assets
Stocks 151,932 186,192
Debtors 5 2,363 50
Cash at bank and in hand 58,061 18,140
212,356 204,382
Creditors: amounts falling due within one year 6 (261,215) (234,406)
Net current liabilities (48,859) (30,024)
Total assets less current liabilities 83,761 103,531
Creditors: amounts falling due after more than one year 7 (13,383) (22,500)
Provisions for liabilities - (619)
Net assets 70,378 80,412
Capital and reserves
Called up share capital 1 1
Profit and loss account 70,377 80,411
Shareholder's funds 70,378 80,412
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 member has 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.
J Stapleton
Director
Approved by the board on 20 May 2025
Philip Hadley Limited
Notes to the Accounts
for the year ended 31 August 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 includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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:
Leasehold property 5% reducing balance
Plant and machinery 15% reducing balance
Motor vehicles 25% reducing balance
No depreciation is provided on Freehold Land.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 4
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
Cost
At 1 September 2023 133,409 3,670 9,250 146,329
At 31 August 2024 133,409 3,670 9,250 146,329
Depreciation
At 1 September 2023 5,704 3,396 6,262 15,362
Charge for the year 147 41 747 935
At 31 August 2024 5,851 3,437 7,009 16,297
Net book value
At 31 August 2024 127,558 233 2,241 130,032
At 31 August 2023 127,705 274 2,988 130,967
4 Investments
Other
investments
Cost
At 1 September 2023 2,588
At 31 August 2024 2,588
5 Debtors 2024 2023
Deferred tax asset 692 -
Other debtors 1,671 50
2,363 50
Amounts due after more than one year included above 692 -
6 Creditors: amounts falling due within one year 2024 2023
Bank loans and overdrafts 10,000 10,000
Trade creditors 30,018 14,687
Taxation and social security costs 3,924 7,782
Other creditors 217,273 201,937
261,215 234,406
7 Creditors: amounts falling due after one year 2024 2023
Bank loans 13,383 22,500
8 Controlling party
Mr P Hadley, who owns 100% of the issued share capital, is the controlling party.
9 Other information
Philip Hadley Limited is a private company limited by shares and incorporated in England. Its registered office is:
Charles Street
Kilnhurst
Mexborough
South Yorkshire
S64 5TG
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