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REGISTERED NUMBER: 02629911 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

PHILLIPS JOINERY LIMITED

PHILLIPS JOINERY LIMITED (REGISTERED NUMBER: 02629911)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 8

PHILLIPS JOINERY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: M P C Phillips
A N Phillips





SECRETARY: A N Phillips





REGISTERED OFFICE: Plot 9
Airfield Industrial Estate
Derby Road
Ashbourne
Derbyshire
DE6 1HA





REGISTERED NUMBER: 02629911 (England and Wales)





ACCOUNTANTS: Bradley Accounting Plus Ltd
41 St John Street
Ashbourne
Derbyshire
DE6 1GP

PHILLIPS JOINERY LIMITED (REGISTERED NUMBER: 02629911)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 263,542 193,441

CURRENT ASSETS
Stocks 419,438 445,880
Debtors 5 602,085 746,436
Cash at bank and in hand 580,070 413,769
1,601,593 1,606,085
CREDITORS
Amounts falling due within one year 6 775,456 684,073
NET CURRENT ASSETS 826,137 922,012
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,089,679

1,115,453

CREDITORS
Amounts falling due after more than one
year

7

(134,042

)

(44,081

)

PROVISIONS FOR LIABILITIES (62,854 ) (42,427 )
NET ASSETS 892,783 1,028,945

CAPITAL AND RESERVES
Called up share capital 15,003 22,505
Share premium 9 26,998 26,998
Retained earnings 9 850,782 979,442
SHAREHOLDERS' FUNDS 892,783 1,028,945

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

PHILLIPS JOINERY LIMITED (REGISTERED NUMBER: 02629911)

BALANCE SHEET - continued
31 DECEMBER 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 June 2025 and were signed on its behalf by:




A N Phillips - Director



M P C Phillips - Director


PHILLIPS JOINERY LIMITED (REGISTERED NUMBER: 02629911)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Phillips Joinery 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - over the period of the lease
Plant and machinery - 15% on reducing balance
Motor vehicles - 20% on cost
Computer equipment - 25% on cost

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

PHILLIPS JOINERY LIMITED (REGISTERED NUMBER: 02629911)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 48 (2023 - 48 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2024 58,022 632,951 177,317 22,620 890,910
Additions 97,032 1,745 80,130 - 178,907
Disposals (55,724 ) - (79,730 ) - (135,454 )
At 31 December 2024 99,330 634,696 177,717 22,620 934,363
DEPRECIATION
At 1 January 2024 56,184 481,811 137,054 22,420 697,469
Charge for year 19,866 22,933 25,742 200 68,741
Eliminated on disposal (55,724 ) - (39,665 ) - (95,389 )
At 31 December 2024 20,326 504,744 123,131 22,620 670,821
NET BOOK VALUE
At 31 December 2024 79,004 129,952 54,586 - 263,542
At 31 December 2023 1,838 151,140 40,263 200 193,441

PHILLIPS JOINERY LIMITED (REGISTERED NUMBER: 02629911)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2024 94,292
Additions 80,130
Disposals (60,483 )
Transfer to ownership (26,982 )
At 31 December 2024 86,957
DEPRECIATION
At 1 January 2024 62,194
Charge for year 20,497
Eliminated on disposal (20,418 )
Transfer to ownership (26,126 )
At 31 December 2024 36,147
NET BOOK VALUE
At 31 December 2024 50,810
At 31 December 2023 32,098

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 568,308 721,280
Other debtors 5,775 -
Prepayments 28,002 25,156
602,085 746,436

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 4,000 -
Hire purchase contracts 29,069 18,596
Trade creditors 424,051 444,249
Tax 25,992 42,034
Social security and other taxes 24,188 39,575
VAT 92,339 34,782
Other creditors 100,292 28,292
Directors' current accounts 26,154 27,092
Accrued expenses 49,371 49,453
775,456 684,073

PHILLIPS JOINERY LIMITED (REGISTERED NUMBER: 02629911)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loan - Over 5 years - 28,000
Hire purchase contracts 21,042 16,081
Other creditors 113,000 -
134,042 44,081

Amounts falling due in more than five years:

Repayable by instalments
Bank loan - Over 5 years - 28,000

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 50,111 34,677

9. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2024 979,442 26,998 1,006,440
Profit for the year 126,988 126,988
Purchase of own shares (255,648 ) - (255,648 )
At 31 December 2024 850,782 26,998 877,780

10. OTHER FINANCIAL COMMITMENTS

The company had guarantees and commitments at the balance sheet date of £183,467 (2023 - £279,888).

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The Directors have advanced monies to the company. The amounts due to the directors, which are repayable on demand, as at 31 December 2024 were as follows:

MPC Phillips £5,358 (2023- £6,296)
AN Phillips £20,796 (2023 - £20,796)

12. RELATED PARTY DISCLOSURES

The directors, M P C Phillips and A N Phillips, act as guarantors to a lease taken out by the company in April 2008.This original lease has been renewed with VJK Ltd for a 5 year period at an annual rental of £27,500 per annum.

The directors, M P C Phillips and A N Phillips each own 50% in Peter Phillips Properties Limited from whom the company leases its main factory at an annual rental in 2024 of £39,000.

PHILLIPS JOINERY LIMITED

REPORT OF THE ACCOUNTANTS TO THE DIRECTORS OF
PHILLIPS JOINERY LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 December 2024 set out on page nil and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Bradley Accounting Plus Ltd
41 St John Street
Ashbourne
Derbyshire
DE6 1GP


17 June 2025