REGISTERED NUMBER: 05968170 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

PHL2 Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P D A Schiavo

REGISTERED OFFICE:

White Lyon House

Perry Hill

Worplesdon

Surrey

GU3 3RE

REGISTERED NUMBER:

05968170 (England and Wales)

CURRENT ASSETS

Stocks

490,951

-

Debtors

435,380

54,451

Cash at bank

114

276

926,445

54,727

CREDITORS

Amounts falling due within one year

378,260

19,637

NET CURRENT ASSETS

548,185

35,090

TOTAL ASSETS LESS CURRENT LIABILITIES

548,185

35,090

CREDITORS

Amounts falling due after more than one year

4

594,360

33,963

NET (LIABILITIES)/ASSETS

(46,175

)

1,127

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(46,176

)

1,126

SHAREHOLDERS' FUNDS

(46,175

)

1,127

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 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.

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 September 2025 and were signed by:

P D A Schiavo - Director

1.	STATUTORY INFORMATION

PHL2 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

At the balance sheet date the company had net liabilities of £46,175. The financial statements have been prepared on the going concern basis which assumes that the company will continue as a going concern for the foreseeable future. The validity of this assumption depends on the continuing support of the company creditors to provide adequate financial support and by not seeking repayment of amounts owed to them. The directors have no reason to believe this support is not forthcoming and accordingly believe it appropriate to prepare the financial statements on the going concern basis.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Stocks

Stock and work in progress comprise developments in progress. Developments in progress include land and units in the course of construction and include the cost of the land and the construction costs incurred to date.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

31.12.24

31.12.23

£

£

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

566,399

-

5.	SECURED DEBTS

Bank loans totalling £566,399 (2023: £nil) are secured by way of fixed and floating charge over the company's property.

6.	RELATED PARTY DISCLOSURES

Entities under common control

During the year the company received management charges of £2,500 (2023: £2,500) from entities under common control. At the year end £435,379 (2023: £54,450) was owed to the company, and £40,725 (2023: £12,149) was owed by the company to entities under common control.

P Schiavo - director

At the year end £1,480 (2023: £1,480) was owed by the company to P Schiavo.

7.	ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Portchester Homes Limited, a company registered in England and Wales. The ultimate controlling party is Mr P Schiavo.