Company Registration No. 10539688 (England and Wales)
S.J. PHILLIPS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
S.J. PHILLIPS LIMITED
COMPANY INFORMATION
Directors
JP Norton
AD Kerman
(Appointed 27 November 2024)
Secretary
MH Raver and PR Henderson
Company number
10539688
Registered office
26 Bruton Street
2nd Floor
London
W1J 6QL
Auditor
Rickard Luckin Limited
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
S.J. PHILLIPS LIMITED
CONTENTS
Page
Strategic Report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 24
S.J. PHILLIPS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Fair review of the business

Each object is unique and business performance is dependent upon the ability of the directors to purchase and sell objects at a profit. Owing to the unique nature of each object, it is impossible to forecast the level of sales activity from year to year, consequently key performance indicators such as turnover and operating margin are not set as these will vary depending upon the number of objects sold in the year and the prices secured. The business model is to acquire the best quality objects and sell these to a range of discerning customers at prices which enable the company to realise a profit.

The performance of the business over the last 3 years is set out below.

Year | Net Assets £m | Turnover £m | EBITDA £m | Increase/(decrease) in retained earnings £m
2024 2023 2022 | 11.9 8.7 6.9 | 20.5 16.9 20.8 | 4.3 2.3 2.2 | 3.2 1.7 1.7

Principal risks and uncertainties

The key business risks relate to the availability of a wide range of high quality objects for resale and the continued demand from customers during a period of global uncertainty. In particular, rising global tariffs, customs duties, and import / export regulations have introduced additional complexity and costs when dealing with international transactions.

The business is reliant on the continuing support of its director, Mr J P Norton.

Financial risk management

The directors do not believe that the Company is exposed to significant credit risk, cashflow/ liquidity risk, interest rate risk or foreign currency risk.

On behalf of the board

JP Norton
Director
15 September 2025
S.J. PHILLIPS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company is the purchase and sale of antique jewellery and silver.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

JP Norton
AD Kerman
(Appointed 27 November 2024)
AD Kerman
(Appointed 27 November 2024 and resigned 19 July 2024)
Auditor

In accordance with the company's articles, a resolution proposing that Rickard Luckin Limited be reappointed as auditor of the company will be put at a General Meeting.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial risk disclosures.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
JP Norton
Director
15 September 2025
S.J. PHILLIPS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

S.J. PHILLIPS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF S.J. PHILLIPS LIMITED
- 4 -
Opinion

We have audited the financial statements of S.J. Phillips Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

S.J. PHILLIPS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF S.J. PHILLIPS LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report and the directors' r eport.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Capability of the audit in detecting irregularity, including fraud

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience; through verbal and written communications with those charged with governance and other management; via inspection of the company's regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company’s constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

S.J. PHILLIPS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF S.J. PHILLIPS LIMITED (CONTINUED)
- 6 -

Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: health and safety legislation; trade and export legislation; data protection legislation; anti-bribery and anti-corruption legislation.

ISAs (UK) limit the required procedures to identify non-compliance with these laws and regulations, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted;

- Challenging assumptions made by management in its significant accounting estimates

- Identifying and testing journal entries,during the year and around the year end, in particular any entries posted with unusual nominal ledger account combinations

- Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;

- Ensuring that testing undertaken on both the performance statement, and the Balance Sheet includes a number of items selected on a random basis.

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with ISAs (UK). For example, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Joanna Southon (Senior Statutory Auditor)
For and on behalf of Rickard Luckin Limited, Statutory Auditor
Chartered Accountants
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
15 September 2025
S.J. PHILLIPS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
20,498,318
16,881,982
Cost of sales
(13,174,992)
(12,058,635)
Gross profit
7,323,326
4,823,347
Administrative expenses
(3,048,485)
(2,543,502)
Operating profit
4
4,274,841
2,279,845
Interest receivable and similar income
7
17,457
6,468
Interest payable and similar expenses
8
(7,571)
(4)
Profit before taxation
4,284,727
2,286,309
Tax on profit
9
(1,084,891)
(545,991)
Profit for the financial year
3,199,836
1,740,318
S.J. PHILLIPS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
10,000
15,000
Tangible assets
11
23,131
25,042
Investments
12
2
2
33,133
40,044
Current assets
Stocks
14
28,728,153
24,886,754
Debtors
15
5,092,494
4,054,614
Cash at bank and in hand
2,195,316
3,250,256
36,015,963
32,191,624
Creditors: amounts falling due within one year
16
(9,898,645)
(9,466,025)
Net current assets
26,117,318
22,725,599
Total assets less current liabilities
26,150,451
22,765,643
Creditors: amounts falling due after more than one year
17
(14,000,000)
(14,000,000)
Provisions for liabilities
Provisions
18
100,000
100,000
(100,000)
(100,000)
Net assets
12,050,451
8,665,643
Capital and reserves
Called up share capital
20
1
1
Other reserves
21
184,972
-
0
Profit and loss reserves
22
11,865,478
8,665,642
Total equity
12,050,451
8,665,643

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 15 September 2025 and are signed on its behalf by:
JP Norton
Director
Company registration number 10539688 (England and Wales)
S.J. PHILLIPS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Share capital
Other reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
1
-
6,925,324
6,925,325
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,740,318
1,740,318
Balance at 31 December 2023
1
-
8,665,642
8,665,643
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
3,199,836
3,199,836
Other movements
-
184,972
-
184,972
Balance at 31 December 2024
1
184,972
11,865,478
12,050,451
S.J. PHILLIPS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
27
(116,018)
2,486,619
Interest paid
(7,571)
(4)
Income taxes paid
(940,285)
(562,072)
Net cash (outflow)/inflow from operating activities
(1,063,874)
1,924,543
Investing activities
Purchase of tangible fixed assets
(11,023)
(4,500)
Proceeds from disposal of tangible fixed assets
2,500
-
0
Interest received
17,457
6,468
Net cash generated from investing activities
8,934
1,968
Net (decrease)/increase in cash and cash equivalents
(1,054,940)
1,926,511
Cash and cash equivalents at beginning of year
3,250,256
1,323,745
Cash and cash equivalents at end of year
2,195,316
3,250,256
S.J. PHILLIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

S.J. Phillips Limited is a private company limited by shares and is registered and incorporated in England and Wales with company number 10539688. 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 including the provisions of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

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.

The company has taken advantage of the exemption under section 40 5 of the Companies Act 2006 not to prepare consolidated financial statements on the basis that the subsidiary's inclusion in the consolidated financial statements is not material for the purpose of giving a true and fair view. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The financial statements have been prepared on the going concern basis. The director true s continue to monitor and assess the company's projected business activities and available financial resources, together with appropriate cash forecasts. The director s believe that the company is well placed to manage its business risks successfully through the current economic uncertainty. Furthermore, the company has the express confirmed support of the shareholder director through his loan account. Therefore, the director s consider that the company will continue to trade, and has access to sufficient appropriate resources to meet its liabilities as they fall due, for at least twelve months from the date of approval of these financial statements, and ha ve thus prepared the financial statements on a going concern basis.

1.3
Turnover

The turnover shown in the profit and loss account represents the value of all goods sold and repairs made during the period, less returns received, at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product have transferred to the customer.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Intellectual property
5 Years straight line
S.J. PHILLIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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:

Fixtures and fittings
35% Reducing balance
Motor vehicles
25% Reducing balance

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.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.7
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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stocks are stated at the lower of cost and sales value less applicable costs to complete and sell. 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.

S.J. PHILLIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand.

1.10
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 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.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of

impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that

occurred after the initial recognition of the financial asset, the estimated future cash flows have been

affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the

present value of the estimated cash flows discounted at the asset’s original effective interest rate. The

impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was

recognised, the impairment is reversed. The reversal is such that the current carrying amount does not

exceed what the carrying amount would have been, had the impairment not previously been recognised.

The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire

or are settled, or when the company transfers the financial asset and substantially all the risks and rewards

of ownership to another entity, or if some significant risks and rewards of ownership are retained but control

of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third

party

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the

assets of the company after deducting all of its liabilities

Basic financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price

unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the

present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

S.J. PHILLIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -

Financial liabilities and equity are classified according to the substance of the financial instrument’s contractual obligations, rather than the financial instrument’s legal form. Financial liabilities, excluding convertible debt and derivatives, are initially measured at transaction price (after deducting transaction costs) and subsequently held at amortised cost.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial

instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into

and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are

recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is

applied and the hedge is a cash flow hedge.

Debt instruments where the contractual returns, repayment of the principal, or other terms (such as

prepayment provisions or term extensions) do not meet the conditions to be measured at amortised cost,

are subsequently measured at fair value through profit or loss. Debt instruments may be designated as

being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the

instruments are measured and their performance evaluated on a fair value basis in accordance with a

documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s contractual obligations are

discharged, cancelled, or they expire.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the fair value of 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.

1.12
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.

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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

S.J. PHILLIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.13
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

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 lease s asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the

exchange rate prevailing on the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange

ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are

translated at the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair

value, the rate when that fair value was determined.

All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses

on non-monetary items recognised in other comprehensive income, when the related translation gain or

loss is also recognised in other comprehensive income.

1.17

Other reserves

Other reserves comprise amounts that have arisen through the application of specific accounting treatments. Transfers between reserves are made only as permitted by relevant legislation and accounting standards.

2
Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements,

estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent

from other sources. The estimates and associated assumptions are based on historical experience and

other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised where the revision affects only that

period, or in the period of the revision and future periods where the revision affects both current and future

periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the

carrying amount of assets and liabilities are outlined below:

S.J. PHILLIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 16 -
Key sources of estimation uncertainty
Impairment of stock value

The director s continually review stock to ensure that any exceptional decrease in value is reflected by an appropriate write down. There is inherent uncertainty in determining whether a decrease in value is permanent or temporary. The directors believe they are best placed, having the knowledge and experience of the objects and market, to make this determination.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
20,414,598
16,753,940
Repair sales
83,720
128,042
20,498,318
16,881,982
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
7,998,135
8,133,559
Rest of the World
12,500,183
8,748,423
20,498,318
16,881,982
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
17,518
49,382
Fees payable to the company's auditor for the audit of the company's financial statements
48,500
46,200
Depreciation of owned tangible fixed assets
9,175
12,082
Loss on disposal of tangible fixed assets
1,259
-
Amortisation of intangible assets (recognised in administration expenses)
5,000
5,000
Operating lease charges
109,257
97,158
S.J. PHILLIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Retail
7
7
Administration
8
8
Total
15
15

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,259,342
1,170,443
Social security costs
184,588
156,859
Pension costs
103,222
90,734
1,547,152
1,418,036
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
222,696
221,680
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
222,696
221,680
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
17,457
6,468
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
17,457
6,468
S.J. PHILLIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Bank and other interest payable
7,571
4
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,080,972
551,063
Adjustments in respect of prior periods
3,919
(5,072)
Total current tax
1,084,891
545,991

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
4,284,727
2,286,309
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
1,071,182
537,283
Tax effect of expenses that are not deductible in determining taxable profit
10,966
11,785
Change in unrecognised deferred tax assets
(1,176)
637
Effect of change in corporation tax rate
-
0
1,358
Under/(over) provided in prior years
3,919
(5,072)
Taxation charge for the year
1,084,891
545,991
S.J. PHILLIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
10
Intangible fixed assets
Intellectual property
£
Cost
At 1 January 2024 and 31 December 2024
25,000
Amortisation and impairment
At 1 January 2024
10,000
Amortisation charged for the year
5,000
At 31 December 2024
15,000
Carrying amount
At 31 December 2024
10,000
At 31 December 2023
15,000
11
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 January 2024
36,402
4,500
40,902
Additions
11,023
-
0
11,023
Disposals
(886)
(4,500)
(5,386)
At 31 December 2024
46,539
-
0
46,539
Depreciation and impairment
At 1 January 2024
15,110
750
15,860
Depreciation charged in the year
8,706
469
9,175
Eliminated in respect of disposals
(408)
(1,219)
(1,627)
At 31 December 2024
23,408
-
0
23,408
Carrying amount
At 31 December 2024
23,131
-
0
23,131
At 31 December 2023
21,292
3,750
25,042
12
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
13
2
2
S.J. PHILLIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Pee Limited
Hong Kong
Purchase and sale of antique jewellery
Ordinary shares
100.00
SJP Data Limited
United Kingdom
Dormant
Ordinary shares
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Pee Limited
9,866
32,935
SJP Data Limited
1
-
0
14
Stocks
2024
2023
£
£
Finished goods and goods for resale
28,728,153
24,886,754
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,870,092
3,785,087
Amounts owed by group undertakings
7,003
34,455
Other debtors
833
41,900
Prepayments and accrued income
214,566
193,172
5,092,494
4,054,614
16
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,601,324
4,916,939
Amounts owed to group undertakings
-
0
1,019,296
Corporation tax
541,751
397,145
Other taxation and social security
244,290
89,044
Other creditors
4,406,003
2,905,515
Accruals and deferred income
105,277
138,086
9,898,645
9,466,025
S.J. PHILLIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Redeemable preference shares
19
14,000,000
14,000,000
18
Provisions for liabilities
2024
2023
£
£
Dilapidations
100,000
100,000
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
103,222
90,734

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

At the balance sheet date £10,037 (2023: £16,701) was payable to the scheme and included in creditors.

S.J. PHILLIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
1 Ordinary Share of £1 each
1
1
1
1
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Redeemable preference shares of £1000 each
14,000
14,000
14,000,000
14,000,000
14,000
14,000
14,000,000
14,000,000
Preference shares classified as liabilities
14,000,000
14,000,000

On 29 June 2023 14,000 £1,000 redeemable preference shares were allotted, called up and fully paid. These shares are classified as a financial liability. The holder of the preference shares has no voting rights. The company shall redeem the preference shares upon the expiry of 28 days written notice from the holder of the shares, but such notice cannot be served until after the second anniversary of the date of issue.

21
Other reserve
2024
2023
£
£
At the beginning of the year
-
-
Other movements
184,972
-
At the end of the year
184,972
-

The company’s other reserves include an amount of £184,972 transferred during the year from creditors.

This balance relates to funds originally recognised as a liability in respect of potential redundancy costs of employees transferred to the company under TUPE from a connected company (now liquidated) and, whilst the amounts are ringfenced for this purpose, they do not meet the definition of a liability.

Accordingly, the balance has been transferred into other reserves and will be maintained therein until such time as the directors consider the possibility of crystallisation to be so remote that the reserve can appropriately be released to the profit and loss account.

22
Profit and loss reserves

Reserves comprise of the other reserves (see note 21) of £184,972 (2023 : £nil) and the profit and loss reserve of £11,865,478 (2023 : £8,665,642), which is distributable.

23
Financial commitments, guarantees and contingent liabilities

At the year end there was a contingent liability in relation to the import VAT on objects held with Temporary Admission authorisation. It is assumed partners will pay their share of import VAT as the value of goods should exceed the import VAT of 5%. The total value of contingent liability for the year ended 31 December 202 4 is estimated at £674,728 (2023: £587,326)

S.J. PHILLIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
24
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
111,520
90,029
Between two and five years
202,264
-
313,784
90,029
25
Ultimate controlling party

The ultimate controlling party of S.J.Phillips Limited, for this and the preceding year, is the director J P Norton by virtue of his shareholding.

26
Related party transactions

Included within other creditors is £4,235,929 (2023: £2,580,336) due to a director. This amount is interest free, unsecured and payable on demand.

During the year the company made sales of £172,543 (2023: £1,213,465) to and purchases of £1,172,089 (2023: £933,310) from the director and their close family. At the balance sheet date the company owed £453,051 (2023: £247,025) to the director and their close family.

27
Cash (absorbed by)/generated from operations
2024
2023
£
£
Profit for the year after tax
3,199,836
1,740,318
Adjustments for:
Taxation charged
1,084,891
545,991
Finance costs
7,571
4
Investment income
(17,457)
(6,468)
Loss on disposal of tangible fixed assets
1,259
-
Amortisation and impairment of intangible assets
5,000
5,000
Depreciation and impairment of tangible fixed assets
9,175
12,082
Movements in working capital:
Increase in stocks
(3,841,399)
(3,448,397)
Increase in debtors
(1,037,880)
(1,081,452)
Increase in creditors
472,986
4,719,541
Cash (absorbed by)/generated from operations
(116,018)
2,486,619
S.J. PHILLIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
28
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
3,250,256
(1,054,940)
2,195,316
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