Registration number: 04583653

Phillips Jewellers Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Unaudited Financial Statements	5 to 10

Phillips Jewellers Limited

Company Information

Directors

Mrs J Ogilvy Mrs L Thornton

Registered office

57C Victoria Rd West Thornton-Cleveleys Lancashire FY5 1AJ

Accountants

Crossley & Davis Chartered Accountants Ground Floor, Seneca House Links Point, Amy Johnson Way Blackpool Lancashire FY4 2FF

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Phillips Jewellers Limited
for the Year Ended 31 January 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Phillips Jewellers Limited for the year ended 31 January 2025 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Phillips Jewellers Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Phillips Jewellers Limited and state those matters that we have agreed to state to the Board of Directors of Phillips Jewellers Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Phillips Jewellers Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Phillips Jewellers Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Phillips Jewellers Limited. You consider that Phillips Jewellers Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Phillips Jewellers Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

3 September 2025

Phillips Jewellers Limited

(Registration number: 04583653)
Balance Sheet as at 31 January 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	5	11,132	13,097
Current assets
Stocks	6	104,000	110,000
Debtors	7	4,821	5,577
Cash at bank and in hand		438	401
		109,259	115,978
Creditors: Amounts falling due within one year	8	(130,067)	(109,055)
Net current (liabilities)/assets		(20,808)	6,923
Total assets less current liabilities		(9,676)	20,020
Creditors: Amounts falling due after more than one year	8	(3,482)	(13,763)
Net (liabilities)/assets		(13,158)	6,257
Capital and reserves
Called up share capital	9	100	100
Retained earnings		(13,258)	6,157
Shareholders' (deficit)/funds		(13,158)	6,257

For the financial year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Phillips Jewellers Limited

(Registration number: 04583653)
Balance Sheet as at 31 January 2025

Approved and authorised by the Board on 3 September 2025 and signed on its behalf by:
 

......................................... Mrs L Thornton Director

Phillips Jewellers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
57C Victoria Rd West
Thornton-Cleveleys
Lancashire
FY5 1AJ
United Kingdom

These financial statements were authorised for issue by the Board on 3 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Phillips Jewellers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	15% Reducing balance
Leasehold property	Straight line over 12 years

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	Straight line over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Phillips Jewellers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2024 - 5).

Phillips Jewellers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 February 2024	67,250	67,250
At 31 January 2025	67,250	67,250
Amortisation
At 1 February 2024	67,250	67,250
At 31 January 2025	67,250	67,250
Carrying amount
At 31 January 2025	-	-

5	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 February 2024	14,138	126,030	140,168
At 31 January 2025	14,138	126,030	140,168
Depreciation
At 1 February 2024	14,138	112,933	127,071
Charge for the year	-	1,965	1,965
At 31 January 2025	14,138	114,898	129,036
Carrying amount
At 31 January 2025	-	11,132	11,132
At 31 January 2024	-	13,097	13,097

Included within the net book value of land and buildings above is £Nil (2024 - £Nil) in respect of long leasehold land and buildings.
 

Phillips Jewellers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

6

Stocks

	2025 £	2024 £
Raw materials and consumables	104,000	110,000

7

Debtors

Current	2025 £	2024 £
Prepayments	1,472	1,978
Other debtors	3,349	3,599
	4,821	5,577

8

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	10	25,162	17,245
Taxation and social security		13,378	9,260
Accruals and deferred income		4,776	5,307
Other creditors		86,751	77,243
		130,067	109,055

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	10	3,482	13,763

9	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

Phillips Jewellers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

10	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	3,482	13,763

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	10,451	10,321
Bank overdrafts	14,711	6,924
	25,162	17,245