RONALD PHILLIPS LIMITED
Company registration number 00511581 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
RONALD PHILLIPS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
RONALD PHILLIPS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
23,700
Tangible assets
4
86,802
113,585
86,802
137,285
Current assets
Stocks
14,466,593
13,734,556
Debtors
5
682,873
1,012,731
Cash at bank and in hand
452,549
669
15,602,015
14,747,956
Creditors: amounts falling due within one year
6
(3,128,048)
(3,820,455)
Net current assets
12,473,967
10,927,501
Total assets less current liabilities
12,560,769
11,064,786
Creditors: amounts falling due after more than one year
7
(389,884)
(347,710)
Provisions for liabilities
(3,166)
(8,960)
Net assets
12,167,719
10,708,116
Capital and reserves
Called up share capital
3,999
3,999
Capital redemption reserve
1,334
1,334
Profit and loss reserves
12,162,386
10,702,783
Total equity
12,167,719
10,708,116
RONALD PHILLIPS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2025
31 December 2025
- 2 -

For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 7 May 2026
Mr S A Phillips
Director
Company registration number 00511581 (England and Wales)
RONALD PHILLIPS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2024
3,999
1,334
10,365,236
10,370,569
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
573,282
573,282
Dividends
-
-
(235,735)
(235,735)
Balance at 31 December 2024
3,999
1,334
10,702,783
10,708,116
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
1,539,583
1,539,583
Dividends
-
-
(79,980)
(79,980)
Balance at 31 December 2025
3,999
1,334
12,162,386
12,167,719
RONALD PHILLIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
1
Accounting policies
Company information

Ronald Phillips Limited is a private company limited by shares incorporated in England and Wales. The registered office is 26 Bruton Street, London, W1J 6QL.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
over 25 years
Fixtures, fittings & equipment
over 4 years
Motor vehicles
25% reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

RONALD PHILLIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

RONALD PHILLIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases
As lessee

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

Assets held under finance leases are recognised as assets at the lower of the asset's fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
16
16
RONALD PHILLIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2025 and 31 December 2025
697,000
Amortisation and impairment
At 1 January 2025
673,300
Amortisation charged for the year
23,700
At 31 December 2025
697,000
Carrying amount
At 31 December 2025
-
0
At 31 December 2024
23,700
4
Tangible fixed assets
Land and buildings Leasehold
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2025
432,598
371,808
164,097
968,503
Additions
-
0
4,660
-
0
4,660
At 31 December 2025
432,598
376,468
164,097
973,163
Depreciation and impairment
At 1 January 2025
420,795
327,907
106,216
854,918
Depreciation charged in the year
2,951
14,022
14,470
31,443
At 31 December 2025
423,746
341,929
120,686
886,361
Carrying amount
At 31 December 2025
8,852
34,539
43,411
86,802
At 31 December 2024
11,803
43,901
57,881
113,585
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
286,785
523,886
Other debtors
396,088
488,845
682,873
1,012,731
RONALD PHILLIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
104,119
486,759
Trade creditors
1,444,261
1,396,284
Taxation and social security
784,500
290,181
Other creditors
795,168
1,647,231
3,128,048
3,820,455
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
381,333
285,665
Other creditors
8,551
62,045
389,884
347,710

The bank borrowings are secured by a fixed and floating charge over all the present fixed and floating assets of the company in favour of the company's bankers, an assignment over the director's life policy and a personal guarantee from the director.

There is a fixed and floating Mortgage Debenture provided by Ronald Phillips Limited dated 02 August 2023 in the Bank's standard form.

8
Related party transactions

During the year loans with related parties are held in other creditors to the balance in aggregate of £3 07,7 56 (202 4: £27 0,256)

9
Directors' transactions

During the year dividends of £1 9,980 (20 2 4: £140,735) were paid to S A Phillips. Further dividends of £60,000 (20 2 4: £95,000) were paid to the Phillips Settlement Trust. This is a trust in favour of the children of Mr S A Phillips.

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