Registrar

Registration number: 07395230

Phil Bibby Partnership Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 9

Phil Bibby Partnership Limited

Company Information

Directors

T J Bibby L D Bibby

Registered office

3 Warners Mill Silks Way Braintree Essex CM7 3GB

Bankers

Lloyds Bank Plc 2 - 4 Bank Street Braintree Essex CM7 7UN

Accountants

Lambert Chapman LLP Chartered Accountants3 Warners Mill Silks Way Braintree Essex CM7 3GB

Phil Bibby Partnership Limited

(Registration number: 07395230)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	219,073	227,273
Current assets
Stocks	5	12,250	11,000
Debtors	6	58,673	17,949
Cash at bank and in hand		118,794	122,835
		189,717	151,784
Creditors: Amounts falling due within one year	7	(145,461)	(123,858)
Net current assets		44,256	27,926
Total assets less current liabilities		263,329	255,199
Creditors: Amounts falling due after more than one year	7	(8,333)	(18,333)
Provisions for liabilities		(16,823)	(20,352)
Net assets		238,173	216,514
Capital and reserves
Called up share capital	8	100	100
Retained earnings		238,073	216,414
Shareholders' funds		238,173	216,514

For the financial year ended 31 March 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 and 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.

Approved and authorised by the Board on 26 November 2025 and signed on its behalf by:
 

T J Bibby
Director

Phil Bibby Partnership Limited

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

1	General information

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

The address of its registered office is: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB.

The principal place of business is: Bridge Farm Garage, London Road, Braintree, Essex, CM7 2AS.

These financial statements were authorised for issue by the Board on 26 November 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of vehicle hire and repair services and in the ordinary course of the company’s activities. Turnover is shown net of 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.

Tax

Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on material temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Phil Bibby Partnership Limited

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	10% Reducing balance method
Motor vehicles	20% Reducing balance method
Fixtures and fittings	10% Reducing balance method
Plant and machinery	10% Reducing balance method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for vehicle hire and repair services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

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.

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.

Phil Bibby Partnership Limited

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2024 - 5).

4	Tangible assets

	Office equipment  £	Motor vehicles  £	Fixtures and fittings  £	Plant and machinery £	Total £
Cost or valuation
At 1 April 2024	3,056	515,798	3,497	35,519	557,870
Additions	-	55,520	-	9,500	65,020
Disposals	-	(95,997)	-	-	(95,997)
At 31 March 2025	3,056	475,321	3,497	45,019	526,893
Depreciation
At 1 April 2024	945	309,945	1,570	18,137	330,597
Charge for the year	211	44,328	193	2,095	46,827
Eliminated on disposal	-	(69,604)	-	-	(69,604)
At 31 March 2025	1,156	284,669	1,763	20,232	307,820
Carrying amount
At 31 March 2025	1,900	190,652	1,734	24,787	219,073
At 31 March 2024	2,111	205,853	1,927	17,382	227,273

5

Stocks

	2025 £	2024 £
Work in progress	3,250	3,000
Finished goods	9,000	8,000
	12,250	11,000

Phil Bibby Partnership Limited

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

6

Debtors

	2025 £	2024 £
Trade debtors	15,610	15,699
Prepayments	43,063	2,250
	58,673	17,949

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	9	10,000	10,000
Trade creditors		53,760	12,995
Taxation and social security		46,301	59,371
Other creditors		35,400	35,492
Accruals and deferred income		-	6,000
		145,461	123,858

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	9	8,333	18,333

Bank borrowings

8	Share capital

Allotted, called up and fully paid shares

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

Phil Bibby Partnership Limited

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

9	Loans and borrowings

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	10,000	10,000

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	8,333	18,333

10	Transition to FRS 102

These financial statements are the first of the company prepared under FRS 102 Section 1A, having exceeded the micro-company size limits for 2 consecutive reporting periods. The date of the transaction was 1 April 2023. The only material adjustment to the existing accounting policies of the company under FRS 102 Section 1A relates to deferred tax and a new accountancy policy has been adopted. The effect of transition on the comparative figures are given below.

Phil Bibby Partnership Limited

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

Balance Sheet at 1 April 2023
 

	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets	207,599	-	-	207,599
Current assets
Stocks	9,500	-	-	9,500
Debtors	9,806	-	-	9,806
Cash at bank and in hand	106,123	-	-	106,123
	125,429	-	-	125,429
Creditors: Amounts falling due within one year	(147,644)	-	-	(147,644)
Net current liabilities	(22,215)	-	-	(22,215)
Total assets less current liabilities	185,384	-	-	185,384
Creditors: Amounts falling due after more than one year	(28,333)	-	-	(28,333)
Provisions for liabilities	-	-	(26,307)	(26,307)
Net assets/(liabilities)	157,051	-	(26,307)	130,744
Capital and reserves
Called up share capital	(100)	-	-	(100)
Retained earnings	(156,951)	-	26,307	(130,644)
Total equity	(157,051)	-	26,307	(130,744)

Phil Bibby Partnership Limited

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

Balance Sheet at 31 March 2024
 

	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets	227,273	-	-	227,273
Current assets
Stocks	11,000	-	-	11,000
Debtors	17,949	-	-	17,949
Cash at bank and in hand	122,835	-	-	122,835
	151,784	-	-	151,784
Creditors: Amounts falling due within one year	(123,859)	-	-	(123,859)
Net current assets	27,925	-	-	27,925
Total assets less current liabilities	255,198	-	-	255,198
Creditors: Amounts falling due after more than one year	(18,333)	-	-	(18,333)
Provisions for liabilities	-	-	(20,351)	(20,351)
Net assets/(liabilities)	236,865	-	(20,351)	216,514
Capital and reserves
Called up share capital	(100)	-	-	(100)
Retained earnings	(236,765)	-	20,351	(216,414)
Total equity	(236,865)	-	20,351	(216,514)