REGISTERED NUMBER: 12072260 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

FOR

PHILIP WRIGHT (2020) LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P E Wright

K H Wright

REGISTERED OFFICE:

158 Barkby Road

Leicester

United Kingdom

LE4 9LF

REGISTERED NUMBER:

12072260 (England and Wales)

ACCOUNTANTS:

Magma Audit LLP

Unit 2 Charnwood Edge Business Park

Syston Road, Leicester

LE7 4UZ

Magma Audit LLP is part

Of the Dains Group

FIXED ASSETS

Tangible assets

4

966,823

980,318

Investments

5

141,000

141,000

1,107,823

1,121,318

CURRENT ASSETS

Debtors

6

238,108

201,838

Cash at bank

10,217

33,110

248,325

234,948

CREDITORS

Amounts falling due within one year

7

(539,262

)

(577,007

)

NET CURRENT LIABILITIES

(290,937

)

(342,059

)

TOTAL ASSETS LESS CURRENT LIABILITIES

816,886

779,259

CREDITORS

Amounts falling due after more than one year

8

(369,413

)

(365,594

)

PROVISIONS FOR LIABILITIES

(235,700

)

(122,658

)

NET ASSETS

211,773

291,007

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

210,773

290,007

211,773

291,007

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

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 12 January 2026 and were signed on its behalf by:

P E Wright - Director

1.	STATUTORY INFORMATION

Philip Wright (2020) Ltd is a limited company, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 presentation currency of the financial statements is pound sterling (£) and figures are rounded to the nearest £1.

Turnover

Turnover is measured as the fair value of the consideration received or receivable, from the rental supply of vehicles and machinery, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of goods

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the cost incurred and the costs to complete the contract can be measured reliably

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.

Fixtures and fittings

-

10 - 33% on cost

Motor vehicles

-

20-50% on cost

Financial instruments

(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate.

Taxation

The tax expense for the year comprises current and deferred tax.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Investments in subsidiaries

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 June 2024

392,288

1,205,549

1,597,837

Additions

45,864

291,019

336,883

Disposals

-

(97,857

)

(97,857

)

At 31 May 2025

438,152

1,398,711

1,836,863

DEPRECIATION

At 1 June 2024

220,337

397,182

617,519

Charge for year

68,927

231,451

300,378

Eliminated on disposal

-

(47,857

)

(47,857

)

At 31 May 2025

289,264

580,776

870,040

NET BOOK VALUE

At 31 May 2025

148,888

817,935

966,823

At 31 May 2024

171,951

808,367

980,318

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 June 2024

and 31 May 2025

141,000

NET BOOK VALUE

At 31 May 2025

141,000

At 31 May 2024

141,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

92,587

58,332

Amounts owed by associates

80,000

80,000

Directors' current accounts

-

9,995

Prepayments and accrued income

65,521

53,511

238,108

201,838

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts

160,612

143,809

Trade creditors

126,034

202,617

Amounts owed to group undertakings

152,682

152,992

Amounts owed to associates

57,363

68,163

Corporation tax

22,449

-

VAT

15,295

7,741

Other creditors

40

35

Accruals and deferred income

4,787

1,650

539,262

577,007

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Preference shares

90,000

90,000

Hire purchase contracts

279,413

275,594

369,413

365,594

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Hire purchase contracts

440,025

419,403

Obligations under hire purchase contracts are secured on the assets concerned.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2025 and 31 May 2024:

2025

2024

£

£

P E Wright

Balance outstanding at start of year

9,995

-

Amounts advanced

-

9,995

Amounts repaid

(9,995

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

9,995