REGISTERED NUMBER: 00511057 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

PHILLIP WEISBERG LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Ms L P Phillips

J D Phillips

A B Phillips

SECRETARY:

J D Phillips

REGISTERED OFFICE:

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

REGISTERED NUMBER:

00511057 (England and Wales)

ACCOUNTANTS:

Melinek Fine LLP

Chartered Accountants

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

FIXED ASSETS

Tangible assets

4

4,235,568

4,249,113

Investments

5

100

100

4,235,668

4,249,213

CURRENT ASSETS

Stocks

236,170

236,170

Debtors

6

935,129

957,586

Cash at bank

186,703

331,075

1,358,002

1,524,831

CREDITORS

Amounts falling due within one year

7

369,325

394,420

NET CURRENT ASSETS

988,677

1,130,411

TOTAL ASSETS LESS CURRENT LIABILITIES

5,224,345

5,379,624

CREDITORS

Amounts falling due after more than one year

8

2,509,391

2,517,370

NET ASSETS

2,714,954

2,862,254

CAPITAL AND RESERVES

Called up share capital

20,000

20,000

Profit and loss account

2,694,954

2,842,254

2,714,954

2,862,254

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 June 2025 and were signed on its behalf by:

J D Phillips - Director

1.	STATUTORY INFORMATION

Phillip Weisberg Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents the gross value of properties sold during the year net of VAT together with the value of rental income receivable under leases. With regard to the former turnover is recognised on exchange of an irrevocable contract. With regard to the latter turnover represents the value of rental income that relates to the period of the financial accounts. Where payments are received from tenants in advance, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets and depreciation

Fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

Depreciation on plant and machinery is provided at the following annual rates in order to write off each asset over its estimated useful life:

Plant and machinery etc - 12.5% on cost

Investment Property

Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost.

Subsequent to initial recognition:

i. Investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit and loss account in the period that they arise. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold; and

ii. No depreciation is provided in respect of investment properties applying the fair value model.

Investment property fair value is based on a valuation by an external, independent valuer, having an appropriate recognised professional qualification and recent experience in the location and class of property being valued.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost unless they are classified as receivable within one year in which case they are measured at the undiscounted amount of the cash or other consideration expected to be received net of impairment.

Financial liabilities that are classified as payable within one year are subsequently measured at the undiscounted amount of the cash or other consideration expected to be paid.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset or settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a money purchase pension scheme for the benefit of one of the company's directors. The assets of the scheme are held separately from those of the company. The contributions to the scheme are charged to the profit and loss account as incurred. The level of contributions are assessed on an annual basis dependent upon the performance of the company during the year.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Investment

machinery

properties

etc

Totals

£

£

£

COST OR VALUATION

At 1 October 2023

4,152,000

154,278

4,306,278

Additions

-

2,665

2,665

At 30 September 2024

4,152,000

156,943

4,308,943

DEPRECIATION

At 1 October 2023

-

57,165

57,165

Charge for year

-

16,210

16,210

At 30 September 2024

-

73,375

73,375

NET BOOK VALUE

At 30 September 2024

4,152,000

83,568

4,235,568

At 30 September 2023

4,152,000

97,113

4,249,113

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 October 2023

and 30 September 2024

100

NET BOOK VALUE

At 30 September 2024

100

At 30 September 2023

100

Fixed Asset Investment comprises 100% of the share capital of Jolar Limited, a company registered in England and Wales.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

-

5,356

Amounts owed by group undertakings

919,888

938,442

Other debtors

15,241

13,788

935,129

957,586

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

10,648

10,541

Trade creditors

7,025

8,740

Other creditors

351,652

375,139

369,325

394,420

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

2,509,391

2,517,370

The bank loan is secured by way of a fixed and floating charge on the company's property portfolio.

9.	RELATED PARTY DISCLOSURES

Included in other creditors are interest free loans made to the company by Mr J D Phillips and Mrs L P Phillips, both of whom are directors of the company. At the balance sheet date the amounts outstanding were £95,331 (2023:£75,337) and £146,898 (2023: £116,998) respectively.There is no stipulation as to repayment of these loans.