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REGISTERED NUMBER: 05970946 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

PHELPS BROTHERS LIMITED

PHELPS BROTHERS LIMITED (REGISTERED NUMBER: 05970946)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

PHELPS BROTHERS LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

| DIRECTORS: | R L Phelps

| R Phelps

| SECRETARY: | R Phelps

| REGISTERED OFFICE: | Phelps Brothers

| Sudmeadow Road

| Gloucester

| England

| GL2 5HG

| REGISTERED NUMBER: | 05970946 (England and Wales)

| ACCOUNTANTS: | Randall & Payne LLP

| Chartered Accountants

| Chargrove House

| Shurdington Road

| Cheltenham

| Gloucestershire

| GL51 4GA

PHELPS BROTHERS LIMITED (REGISTERED NUMBER: 05970946)

BALANCE SHEET

31 MARCH 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | - |  | - |  |

Tangible assets | 5 | 372,965 |  | 380,482 |  |

372,965 |  | 380,482 |  |

CURRENT ASSETS

Stocks | 51,922 |  | 45,234 |  |

Debtors | 6 | 216,011 |  | 117,881 |  |

Cash at bank and in hand | 159,193 |  | 158,040 |  |

427,126 |  | 321,155 |  |

CREDITORS

Amounts falling due within one year | 7 | 242,840 |  | 240,475 |  |

NET CURRENT ASSETS | 184,286 |  | 80,680 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 557,251 |  | 461,162 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (59,928 | ) | (55,806 | ) |

PROVISIONS FOR LIABILITIES | (33,386 | ) | (10,521 | ) |

NET ASSETS | 463,937 |  | 394,835 |  |

CAPITAL AND RESERVES

Called up share capital | 2 |  | 2 |  |

Retained earnings | 463,935 |  | 394,833 |  |

SHAREHOLDERS' FUNDS | 463,937 |  | 394,835 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

PHELPS BROTHERS LIMITED (REGISTERED NUMBER: 05970946)

BALANCE SHEET - continued

31 MARCH 2025

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 October 2025 and were signed on its behalf by:

R Phelps - Director

R L Phelps - Director

PHELPS BROTHERS LIMITED (REGISTERED NUMBER: 05970946)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

| Phelps Brothers 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.

| The presentation currency of the financial statements is the Pound Sterling (£).

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.

| The directors have considered the company's current state of affairs and its cash flows and consider that the company should have access to adequate working capital and funding to enable it to continue to trade for a period of at least twelve months from the date of signing of these accounts. The accounts have therefore been prepared on the going concern basis.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Goodwill

| Goodwill has been fully written-off.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Improvements to property | - | 10% on cost

| Plant and machinery | - | 20% on reducing balance

| Motor vehicles | - | 20% on reducing balance

| Computer & alarm equipment | - | 33.33% on reducing balance

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Financial instruments

| The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors and directors loans.

| Directors loans ( being repayable on demand ), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

PHELPS BROTHERS LIMITED (REGISTERED NUMBER: 05970946)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Provisions

| Provisions are recognised only where a present obligation exists as a result of a past transaction or event at or prior to the balance sheet date. In addition, a provision is only recognised where the amounts involved can be reliably estimated. Where material, provisions are calculated on a discounted basis.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 12 (2024 - 12 ) .

PHELPS BROTHERS LIMITED (REGISTERED NUMBER: 05970946)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

4. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 100,000 |  |

| AMORTISATION

| At 1 April 2024

| and 31 March 2025 | 100,000 |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  |

| At 31 March 2024 | - |  |

5. | TANGIBLE FIXED ASSETS

| Improvements |  | Computer |

| to |  | Plant and |  | Motor |  | & alarm |

| property |  | machinery |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 April 2024 | 43,574 |  | 1,597,334 |  | 374,139 |  | 43,870 |  | 2,058,917 |  |

| Additions | - |  | 71,013 |  | - |  | 832 |  | 71,845 |  |

| Transfer to ownership | - |  | (180 | ) | - |  | - |  | (180 | ) |

| Reclassification/transfer | - |  | 180 |  | - |  | - |  | 180 |  |

| At 31 March 2025 | 43,574 |  | 1,668,347 |  | 374,139 |  | 44,702 |  | 2,130,762 |  |

| DEPRECIATION

| At 1 April 2024 | 43,574 |  | 1,339,020 |  | 257,786 |  | 38,055 |  | 1,678,435 |  |

| Charge for year | - |  | 54,075 |  | 23,270 |  | 2,017 |  | 79,362 |  |

| At 31 March 2025 | 43,574 |  | 1,393,095 |  | 281,056 |  | 40,072 |  | 1,757,797 |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  | 275,252 |  | 93,083 |  | 4,630 |  | 372,965 |  |

| At 31 March 2024 | - |  | 258,314 |  | 116,353 |  | 5,815 |  | 380,482 |  |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 175,668 |  | 73,168 |  |

| Other debtors | - |  | 1,863 |  |

| Directors' current accounts | 1,425 |  | - |  |

| Prepayments | 38,918 |  | 42,850 |  |

216,011 |  | 117,881 |  |

PHELPS BROTHERS LIMITED (REGISTERED NUMBER: 05970946)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Hire purchase contracts | 60,931 |  | 69,421 |  |

| Trade creditors | 63,207 |  | 32,773 |  |

| VAT | 77,275 |  | 89,171 |  |

| Pension control | 685 |  | 642 |  |

| Other creditors | 15,869 |  | 18,530 |  |

| Directors' current accounts | 16,875 |  | 22,078 |  |

| Accrued expenses | 7,998 |  | 7,860 |  |

242,840 |  | 240,475 |  |

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Hire purchase contracts | 59,928 |  | 55,806 |  |

9. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Directors and family loans | 32,761 |  | 39,654 |  |

| Assets held under HP | 120,859 |  | 125,227 |  |

153,620 |  | 164,881 |  |

| Directors and family loans are secured by a charge on the company's assets.

| Hire purchase liabilities are secured against the assets to which they relate.

10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to directors subsisted during the years ended 31 March 2025 and 31 March 2024:

2025 | 2024 |

£ | £ |

| R L Phelps

| Balance outstanding at start of year | (323 | ) | (4,283 | ) |

| Amounts advanced | 1,748 |  | 4,281 |  |

| Amounts repaid | - |  | (321 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 1,425 |  | (323 | ) |

PHELPS BROTHERS LIMITED (REGISTERED NUMBER: 05970946)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

| R Phelps

| Balance outstanding at start of year | (21,755 | ) | (18,311 | ) |

| Amounts advanced | 7,030 |  | 9,663 |  |

| Amounts repaid | (2,151 | ) | (13,107 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | (16,876 | ) | (21,755 | ) |

11. | RELATED PARTY DISCLOSURES

| The company occupies premises owned by Phelps Brothers (Land) Limited for which no rent is payable. Phelps Brothers (Land) Limited is the parent company of Phelps Brothers Limited.

| The company has paid interest on the directors loan accounts at 15% per annum. The loans are secured and repayable on demand.