1 May 2024 v2025.79.1 limited_company_frs_102_section_1a_v1_1_3 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP027645512024-05-012025-04-30027645512025-04-30027645512024-04-3002764551core:WithinOneYear2025-04-3002764551core:WithinOneYear2024-04-3002764551core:AfterOneYear2025-04-3002764551core:AfterOneYear2024-04-3002764551core:ShareCapital2025-04-3002764551core:ShareCapital2024-04-3002764551core:RetainedEarningsAccumulatedLosses2025-04-3002764551core:RetainedEarningsAccumulatedLosses2024-04-3002764551bus:Director12024-05-012025-04-3002764551bus:RegisteredOffice2024-05-012025-04-3002764551core:LandBuildings2024-05-012025-04-3002764551core:PlantMachinery2024-05-012025-04-3002764551core:OfficeEquipment2024-05-012025-04-3002764551core:MotorVehicles2024-05-012025-04-30027645512023-05-012024-04-3002764551core:LandBuildings2025-04-3002764551core:PlantMachinery2025-04-3002764551core:LandBuildings2024-05-0102764551core:PlantMachinery2024-05-01027645512024-05-0102764551core:LandBuildings2024-04-3002764551core:PlantMachinery2024-04-300276455112024-05-012025-04-3002764551countries:EnglandWales2024-05-012025-04-3002764551bus:AuditExemptWithAccountantsReport2024-05-012025-04-3002764551bus:PrivateLimitedCompanyLtd2024-05-012025-04-3002764551bus:SmallEntities2024-05-012025-04-3002764551bus:FullAccounts2024-05-012025-04-30
Company registration number:
02764551
Phillips Racing Limited
Unaudited Filleted Financial Statements for the year ended
30 April 2025
Phillips Racing Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Phillips Racing Limited
Year ended
30 April 2025
As described on the statement of financial position, the Board of Directors of
Phillips Racing Limited
are responsible for the preparation of the
financial statements
for the year ended
30 April 2025
, which comprise the income statement, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
Gina Bartlett t/a Bartlett Accounting Services
2 Wigmore Road
Tadley
RG26 4HH
United Kingdom
Date:
1 December 2025
Phillips Racing Limited
Statement of Financial Position
30 April 2025
20252024
Note££
Fixed assets    
Tangible assets 5
10,627
 
12,802
 
Current assets    
Stocks
35,547
 
26,525
 
Debtors 6
64,778
 
72,489
 
Cash at bank and in hand
54,466
 
98,575
 
154,791
 
197,589
 
Creditors: amounts falling due within one year 7
(180,232
 )
(250,689
 )
Net current liabilities
(25,441
 )
(53,100
 )
Total assets less current liabilities (14,814 ) (40,298 )
Creditors: amounts falling due after more than one year 8
(27,794
 )
(34,023
 )
Net liabilities
(42,608
 )
(74,321
 )
Capital and reserves    
Called up share capital
2
 
2
 
Profit and loss account
(42,610
 )
(74,323
 )
Shareholders deficit
(42,608
 )
(74,321
 )
For the year ending
30 April 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 financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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 income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
1 December 2025
, and are signed on behalf of the board by:
Mr Michael Phillips
Director
Company registration number:
02764551
Phillips Racing Limited
Notes to the Financial Statements
Year ended
30 April 2025

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Adlestrop Stables
,
Morton in Marsh
,
Gloustershire
,
GL56 0YN
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
Over the life of the lease
Plant and machinery
25% reducing balance
Office equipment
15% reducing balance
Motor vehicles
25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
12
(2024:
12.00
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 May 2024
and
30 April 2025
19,903
 
89,444
 
109,347
 
Depreciation      
At
1 May 2024
13,707
 
82,838
 
96,545
 
Charge
524
 
1,651
 
2,175
 
At
30 April 2025
14,231
 
84,489
 
98,720
 
Carrying amount      
At
30 April 2025
5,672
 
4,955
 
10,627
 
At 30 April 2024
6,196
 
6,606
 
12,802
 

6 Debtors

20252024
££
Trade debtors
43,526
 
71,316
 
Other debtors
21,252
 
1,173
 
64,778
 
72,489
 

7 Creditors: amounts falling due within one year

20252024
££
Bank loans and overdrafts
6,071
 
5,913
 
Trade creditors
57,537
 
56,394
 
Taxation and social security
23,226
 
26,462
 
Other creditors
93,398
 
161,920
 
180,232
 
250,689
 

8 Creditors: amounts falling due after more than one year

20252024
££
Bank loans and overdrafts
27,794
 
34,023