Registration number: 05236467

Russell Phillips Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

Russell Phillips Limited

Company Information

Directors

Mr Jonathan Russell Mrs Lina Pujara

Registered office

2nd Floor Gerrards Cross Memorial Centre 8 East Common Gerrards Cross Bucks SL9 7AD

Accountants

ReesRussell LLP Chartered Accountants37 Market Square Gerrards Cross Witney OX28 6RE

Russell Phillips Limited

(Registration number: 05236467)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	4	-	67,500
Tangible assets	5	69,402	71,228
		69,402	138,728
Current assets
Debtors	6	154,289	185,771
Cash at bank and in hand		191,769	120,569
		346,058	306,340
Creditors: Amounts falling due within one year	7	(142,800)	(150,092)
Net current assets		203,258	156,248
Total assets less current liabilities		272,660	294,976
Creditors: Amounts falling due after more than one year	7	(175,975)	(198,562)
Provisions for liabilities		(17,400)	(17,807)
Net assets		79,285	78,607
Capital and reserves
Called up share capital		90	90
Capital redemption reserve		10	10
Retained earnings		79,185	78,507
Shareholders' funds		79,285	78,607

For the financial year ending 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 29 December 2025 and signed on its behalf by:
 

Russell Phillips Limited

(Registration number: 05236467)
Balance Sheet as at 31 March 2025

......................................... Mr Jonathan Russell Director

Russell Phillips 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 and Wales.

The address of its registered office is:
2nd Floor
Gerrards Cross Memorial Centre
8 East Common
Gerrards Cross
Bucks
SL9 7AD
UK

These financial statements were authorised for issue by the Board on 29 December 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 except that as disclosed in the accounting policies certain items are shown at fair value.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

Russell Phillips Limited

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

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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

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
Furniture, fittings and equipment	25% reducing balance
Motor vehicles	25% reducing balance

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	5 year straight line

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.

Russell Phillips Limited

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

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.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Russell Phillips Limited

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

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.

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 15 (2024 - 16).

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2024	648,317	648,317
At 31 March 2025	648,317	648,317
Amortisation
At 1 April 2024	580,817	580,817
Amortisation charge	67,500	67,500
At 31 March 2025	648,317	648,317
Carrying amount
At 31 March 2025	-	-
At 31 March 2024	67,500	67,500

 

Russell Phillips Limited

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

5	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2024	38,640	76,685	115,325
Additions	14,856	-	14,856
At 31 March 2025	53,496	76,685	130,181
Depreciation
At 1 April 2024	37,727	6,370	44,097
Charge for the year	3,942	12,740	16,682
At 31 March 2025	41,669	19,110	60,779
Carrying amount
At 31 March 2025	11,827	57,575	69,402
At 31 March 2024	913	70,315	71,228

6

Debtors

Current	2025 £	2024 £
Trade debtors	124,934	136,416
Other debtors	29,355	49,355
	154,289	185,771

Russell Phillips Limited

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

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	8	22,489	69,587
Taxation and social security		103,323	63,512
Accruals and deferred income		1,568	1,203
Other creditors		15,420	15,790
		142,800	150,092

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	8	175,975	198,562

8	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	6,515	16,612
Hire purchase contracts	44,460	56,950
Other borrowings	125,000	125,000
	175,975	198,562

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	9,999	57,097
Hire purchase contracts	12,490	12,490
	22,489	69,587

Russell Phillips Limited

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

9	Related party transactions

Transactions with directors

2025	At 1 April 2024 £	Advances to director £	Repayments by director £	At 31 March 2025 £
Mr Jonathan Russell
Director's loan account	138,493	8,710	(9,000)	138,203

2024	At 1 April 2023 £	Advances to director £	Repayments by director £	At 31 March 2024 £
Mr Jonathan Russell
Director's loan account	138,766	8,727	(9,000)	138,493

The loan account attracts interest calculated monthly at 0.5% of the stated balance and is unsecured.
As at the year end an amount of £ 125,000 is subject to one year's notice, the balance £ 13,203 is reported within other creditors above.