RONALD PHILLIPS LIMITED
Company registration number 00511581 (England and Wales)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
RONALD PHILLIPS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
RONALD PHILLIPS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
23,700
93,400
Tangible assets
4
113,585
43,012
137,285
136,412
Current assets
Stocks
13,734,556
13,333,193
Debtors
5
1,012,731
1,483,046
Cash at bank and in hand
669
649,577
14,747,956
15,465,816
Creditors: amounts falling due within one year
6
(3,820,455)
(4,361,492)
Net current assets
10,927,501
11,104,324
Total assets less current liabilities
11,064,786
11,240,736
Creditors: amounts falling due after more than one year
7
(347,710)
(870,167)
Provisions for liabilities
(8,960)
Net assets
10,708,116
10,370,569
Capital and reserves
Called up share capital
3,999
3,999
Capital redemption reserve
1,334
1,334
Profit and loss reserves
10,702,783
10,365,236
Total equity
10,708,116
10,370,569
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 21 May 2025
Mr S A Phillips
Director
Company registration number 00511581 (England and Wales)
RONALD PHILLIPS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
3,999
1,334
10,350,057
10,355,390
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
131,819
131,819
Dividends
-
-
(116,640)
(116,640)
Balance at 31 December 2023
3,999
1,334
10,365,236
10,370,569
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
573,282
573,282
Dividends
-
-
(235,735)
(235,735)
Balance at 31 December 2024
3,999
1,334
10,702,783
10,708,116
RONALD PHILLIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Ronald Phillips Limited is a private company limited by shares incorporated in England and Wales. The registered office is 26 Bruton Street, London, W1J 6QL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
over 25 years
Fixtures, fittings & equipment
over 4 years
Motor vehicles
25% reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
RONALD PHILLIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
RONALD PHILLIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the asset's fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
16
16
RONALD PHILLIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
697,000
Amortisation and impairment
At 1 January 2024
603,600
Amortisation charged for the year
69,700
At 31 December 2024
673,300
Carrying amount
At 31 December 2024
23,700
At 31 December 2023
93,400
4
Tangible fixed assets
Land and buildings Leasehold
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
417,844
344,362
161,704
923,910
Additions
14,754
27,446
57,850
100,050
Disposals
(55,457)
(55,457)
At 31 December 2024
432,598
371,808
164,097
968,503
Depreciation and impairment
At 1 January 2024
417,844
318,715
144,339
880,898
Depreciation charged in the year
2,951
9,192
8,554
20,697
Eliminated in respect of disposals
(46,677)
(46,677)
At 31 December 2024
420,795
327,907
106,216
854,918
Carrying amount
At 31 December 2024
11,803
43,901
57,881
113,585
At 31 December 2023
25,647
17,365
43,012
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
523,886
963,887
Other debtors
488,845
519,159
1,012,731
1,483,046
RONALD PHILLIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
486,759
403,406
Trade creditors
1,396,284
2,828,311
Taxation and social security
290,181
249,244
Other creditors
1,647,231
880,531
3,820,455
4,361,492
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
285,665
595,252
Other creditors
62,045
274,915
347,710
870,167
The bank borrowings are secured by a fixed and floating charge over all the present fixed and floating assets of the company in favour of the company's bankers, an assignment over the director's life policy and a personal guarantee from the director.
There is a fixed and floating Mortgage Debenture provided by Ronald Phillips Limited dated 02 August 2023 in the Bank's standard form.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Elwyn Turner FCA
Statutory Auditor:
Dyke Yaxley Limited
Date of audit report:
21 May 2025
RONALD PHILLIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
9
Financial commitments, guarantees and contingent liabilities
Ronald Phillips Limited has given a counter indemnity totalling £500,000 in respect of guarantees and bonds given by the bank in favour of HM Customs and Excise.
10
Operating lease commitments
Lessee
Operating lease payments represent rentals payable by the company for certain of its properties. Leases are negotiated for an average term of 10 years and rentals are fixed for an average of 5 years with an option to extend at the prevailing market rate.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
975,000
996,000
11
Related party transactions
During the year loans with related parties are held in other creditors to the balance in aggregate of £270,256 (2023: £500,199)
12
Directors' transactions
During the year dividends of £140,735 (2023: £36,640) were paid to S A Phillips. Further dividends of £95,000 (2023: £80,000) were paid to the Phillips Settlement Trust. This is a trust in favour of the children of Mr S A Phillips.
The company's bankers have an assignment over a Life Assurance Policy with a death benefit of not less than £250,000 on the life of Mr S A Phillips.
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