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REGISTERED NUMBER: 11068952 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 November 2024

for

Phillips Corporation (UK) Ltd

Phillips Corporation (UK) Ltd (Registered number: 11068952)

Contents of the Financial Statements
for the Year Ended 30 November 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Phillips Corporation (UK) Ltd

Company Information
for the Year Ended 30 November 2024







DIRECTOR: A A Phillips



REGISTERED OFFICE: Unit 5, Whitworth Court
Baird Road, Waterwells Business Park
Quedgeley
Gloucester
Gloucestershire
GL2 2DG



REGISTERED NUMBER: 11068952 (England and Wales)



ACCOUNTANTS: HATS Gloucester Ltd
48 Hucclecote Road
Gloucester
Gloucestershire
GL3 3RS



BANKERS: National Westminster Bank Plc
21 Eastgate Street
Gloucester
GL1 1NH

Phillips Corporation (UK) Ltd (Registered number: 11068952)

Statement of Financial Position
30 November 2024

30/11/24 30/11/23
Notes £    £    £    £   
FIXED ASSETS
Investments 4 100 100
Investment property 5 745,000 720,000
745,100 720,100

CURRENT ASSETS
Debtors 6 325,028 240,972
Cash at bank 18,888 3,692
343,916 244,664
CREDITORS
Amounts falling due within one year 7 86,774 87,207
NET CURRENT ASSETS 257,142 157,457
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,002,242

877,557

PROVISIONS FOR LIABILITIES 47,348 41,098
NET ASSETS 954,894 836,459

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 142,045 123,295
Retained earnings 812,749 713,064
SHAREHOLDERS' FUNDS 954,894 836,459

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

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

The director acknowledges his 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 Corporation (UK) Ltd (Registered number: 11068952)

Statement of Financial Position - continued
30 November 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 director and authorised for issue on 15 August 2025 and were signed by:





A A Phillips - Director


Phillips Corporation (UK) Ltd (Registered number: 11068952)

Notes to the Financial Statements
for the Year Ended 30 November 2024


1. STATUTORY INFORMATION

Phillips Corporation (UK) Ltd 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.

Preparation of consolidated financial statements
The financial statements contain information about Phillips Corporation (UK) Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents rental income due for the accounting period from investment property.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Income Statement.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

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

Phillips Corporation (UK) Ltd (Registered number: 11068952)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024


4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
Cost
At 1 December 2023
and 30 November 2024 100
Net book value
At 30 November 2024 100
At 30 November 2023 100

5. INVESTMENT PROPERTY
Total
£   
Fair value
At 1 December 2023 720,000
Revaluations 25,000
At 30 November 2024 745,000
Net book value
At 30 November 2024 745,000
At 30 November 2023 720,000

Although a formal revaluation has not taken place during the year, the director has reviewed the local property market and the sales of similar properties. Further to his review, the director has deemed that the fair value of the investment properties has increased as reflected above.

If investment properties had not been revalued they would have been included at the historical cost of £555,607 (2023 - £555,607).

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/11/24 30/11/23
£    £   
Trade debtors 2,832 -
Amounts owed by group undertakings 318,161 240,357
Other debtors 4,035 615
325,028 240,972

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/11/24 30/11/23
£    £   
Trade creditors 313 188
Taxation and social security 7,261 8,207
Other creditors 79,200 78,812
86,774 87,207

Phillips Corporation (UK) Ltd (Registered number: 11068952)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024


8. RELATED PARTY DISCLOSURES

Auto Fleet Ltd
Wholly owned subsidiary

At 30 November 2024, Auto Fleet Ltd owed the company £318,161 (2023 - £240,357). This loan is interest free and has no fixed repayment terms.

The company rents one of the investment properties to Auto Fleet Ltd. Rent of £21,200 (2023 - £24,000) was charged during the year.

A A Phillips
Director

At 30 November 2024, the company owed the director and his spouse £74,938 (2023 - £74,550). This loan is interest free and has no fixed repayment terms.