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Registered number: 02314688
Phillip Southwell Estates Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Richards Associates Limited
North Lodge
Hawkesyard
Rugeley
Staffordshire
WS15 1PS
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02314688
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,973 3,853
2,973 3,853
CURRENT ASSETS
Debtors 5 2,799 6,119
Cash at bank and in hand 76,601 46,944
79,400 53,063
Creditors: Amounts Falling Due Within One Year 6 (50,788 ) (27,014 )
NET CURRENT ASSETS (LIABILITIES) 28,612 26,049
TOTAL ASSETS LESS CURRENT LIABILITIES 31,585 29,902
Creditors: Amounts Falling Due After More Than One Year 7 (4,561 ) (8,465 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (91 ) (154 )
NET ASSETS 26,933 21,283
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 26,931 21,281
SHAREHOLDERS' FUNDS 26,933 21,283
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For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr E Buckley
Director
25 September 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Phillip Southwell Estates Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02314688 . The registered office is 5 Horse Fair, Rugeley, WS15 2EJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery Straight line over 5 years
Fixtures & Fittings Straight line over 7.5 years
Computer Equipment Straight line over 3 years
2.4. Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
...CONTINUED
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2.5. Taxation - continued
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.6. Going concern
At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
The directors continue to adopt the going concern basis of accounting in preparing financial statements.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2024 170 8,638 16,167 24,975
Additions - - 191 191
As at 31 December 2024 170 8,638 16,358 25,166
Depreciation
As at 1 January 2024 62 5,240 15,820 21,122
Provided during the period 34 801 236 1,071
As at 31 December 2024 96 6,041 16,056 22,193
Net Book Value
As at 31 December 2024 74 2,597 302 2,973
As at 1 January 2024 108 3,398 347 3,853
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5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 870 1,202
Other debtors 1,929 3,117
Rental control account - 1,800
2,799 6,119
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 1,000
Bank loans and overdrafts 2,189 2,745
Corporation tax 5,211 3,403
Other taxes and social security - 198
VAT 3,064 2,605
Other creditors 36,250 15,537
Pension creditor 237 -
Accruals and deferred income 925 857
Director's loan account 2,912 669
50,788 27,014
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 4,561 8,465
8. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 January 2024 154 154
Utilised (63 ) (63)
Balance at 31 December 2024 91 91
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9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
2 Ordinary Shares of £ 1.00 each 2 2
10. Related Party Transactions
Horsefair Property Limited
A company in which Mr Buckley is also a director.
During the year rent of £7,800 was paid to Horsefair Property Limited.(2023: £7,800)
At the balance sheet date there was an oustanding loan due from Horsefair Property Limited of £1,929. (2023: £1,329)
This loan is interest free and repayable upon demand.
11. Ultimate Controlling Party
The company's ultimate controlling party is Mr E Buckley by virtue of his ownership of 100% of the issued share capital in the company.
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