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Registration number: 03789992

Phillip Mann Estate Agents Limited
Annual Report and Unaudited Financial Statements
for the Year Ended 31 March 2025

Phillip Mann Estate Agents Limited

Contents

Company Information | 1
Balance Sheet | 2 to 3
Notes to the Unaudited Financial Statements | 4 to 11

Phillip Mann Estate Agents Limited

Company Information

Directors | Mr Timothy Phillip Mann Ms Jane Mann

Company secretary | Mr Timothy Phillip Mann

Registered office | Maria House 35 Millers Road Brighton BN1 5NP

Accountants | Chisnall Comer Ismail & Co Chartered AccountantsMaria House 35 Millers Road Brighton BN1 5NP

Phillip Mann Estate Agents Limited

(Registration number: 03789992)
Balance Sheet as at 31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 5 | 422,321 | 421,179
Investment property | 6 | 3,291,255 | 2,756,137
|  | 3,713,576 | 3,177,316
Current assets |  |  |
Stocks | 7 | 209,131 | 209,131
Debtors | 8 | 1,241,734 | 922,808
Cash at bank and in hand |  | 147,549 | 111,756
|  | 1,598,414 | 1,243,695
Creditors: Amounts falling due within one year | 9 | (1,583,892) | (814,188)
Net current assets |  | 14,522 | 429,507
Total assets less current liabilities |  | 3,728,098 | 3,606,823
Provisions for liabilities |  | (271,747) | (271,747)
Net assets |  | 3,456,351 | 3,335,076
Capital and reserves |  |  |
Called up share capital |  | 1,000 | 1,000
Other reserves |  | 1,006,325 | 1,006,325
Retained earnings |  | 2,449,026 | 2,327,751
Shareholders' funds |  | 3,456,351 | 3,335,076

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.

Phillip Mann Estate Agents Limited

(Registration number: 03789992)
Balance Sheet as at 31 March 2025

Approved and authorised by the Board on 5 March 2026 and signed on its behalf by:

.........................................

Ms Jane Mann

Director

Phillip Mann Estate Agents 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:
Maria House
35 Millers Road
Brighton
BN1 5NP

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 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.

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.

Phillip Mann Estate Agents Limited

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

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
Computer equipment | 25% on reducing balance
Fixtures & Fittings | 25% on reducing balance
Motor vehicles | 25% on reducing balance
Short leasehold | 20% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Non-distributable reserve

The aggregate fair value adjustments relating to movements in the value of the company's investment properties are transferred at the end of each period, net of deferred tax, from the profit and loss reserve to the non-distributable reserve.
On disposal of investment property the aggregate fair value adjustment is transferred back to profit and loss reserves and the deferred tax provision is transferred to current tax liabilities.

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 | 10% on cost

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Phillip Mann Estate Agents Limited

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

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.
The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.
Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2024 - 17).

4 | Intangible assets

| Goodwill £ | Total £
Cost or valuation
At 1 April 2024 | 20,000 | 20,000
At 31 March 2025 | 20,000 | 20,000
Amortisation
At 1 April 2024 | 20,000 | 20,000
At 31 March 2025 | 20,000 | 20,000
Carrying amount
At 31 March 2025 | - | -

Phillip Mann Estate Agents Limited

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

5 | Tangible assets

| Land and buildings £ | Furniture, fittings and equipment £ | Motor vehicles £ | Other tangible assets £ | Total £
Cost or valuation
At 1 April 2024 | 426,666 | 202,380 | 48,713 | 52,447 | 730,206
Additions | 11,638 | 6,042 | - | - | 17,680
At 31 March 2025 | 438,304 | 208,422 | 48,713 | 52,447 | 747,886
Depreciation
At 1 April 2024 | 47,199 | 166,709 | 42,979 | 52,140 | 309,027
Charge for the year | 4,601 | 10,427 | 1,433 | 77 | 16,538
At 31 March 2025 | 51,800 | 177,136 | 44,412 | 52,217 | 325,565
Carrying amount
At 31 March 2025 | 386,504 | 31,286 | 4,301 | 230 | 422,321
At 31 March 2024 | 379,467 | 35,671 | 5,734 | 307 | 421,179

Phillip Mann Estate Agents Limited

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

6 | Investment properties

| 2025 £
At 1 April | 2,756,137
Additions | 535,118
At 31 March | 3,291,255

7 | Stocks

| 2025 £ | 2024 £
Other inventories | 209,131 | 209,131

8 | Debtors

Current | Note | 2025 £ | 2024 £
Trade debtors |  | 56,643 | 13,086
Amounts owed by related parties | 12 | 288,244 | 246,006
Other debtors |  | 896,847 | 663,716
|  | 1,241,734 | 922,808

Phillip Mann Estate Agents Limited

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

9 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 10 | 1,201,272 | 566,413
Trade creditors |  | 3,622 | -
Taxation and social security |  | 351,304 | 220,765
Accruals and deferred income |  | 25,049 | 24,906
Other creditors |  | 2,645 | 2,104
|  | 1,583,892 | 814,188

10 | Loans and borrowings

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 1,201,272 | 566,413

11 | Dividends

|  | 2025 |  | 2024
|  | £ |  | £
Interim dividend of £377.00 (2024 - £377.24) per ordinary share |  | 377,000 |  | 377,240

Phillip Mann Estate Agents Limited

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

12 | Related party transactions

Transactions with directors

2025 | At 1 April 2024 £ | Advances to director £ | At 31 March 2025 £
Ms Jane Mann
Loan | 67,485 | 288,635 | 356,120
| - | - | -
| - | - | -
| 67,485 | 288,635 | 356,120
Mr Timothy Phillip Mann
Loan | 67,485 | 288,634 | 356,119
| - | - | -
| - | - | -
| 67,485 | 288,634 | 356,119

2024 | At 1 April 2023 £ | Advances to director £ | At 31 March 2024 £
Ms Jane Mann
Loan | - | 67,485 | 67,485
| - | - | -
| - | 67,485 | 67,485
Mr Timothy Phillip Mann
Loan | - | 67,485 | 67,485
| - | - | -
| - | 67,485 | 67,485

Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 24,000 | 24,000

Summary of transactions with other related parties

Phillip Mann Estate Agents Limited

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

Mr T P & Mrs J Mann trading as Phillip Mann Property Developments
The directors are both partners of this business
During the year the company paid £32,000 (2023- £32,000) in rent.
WP (Seaford) Limited
A company in which Mr T P Mann is also a director
Amount due from related party at the balance sheet date amounts to £246,006 (2023 - £242,433)