PHA Associates Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08169256 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2020

for

PHA ASSOCIATES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

Directors:

P Henderson

Mrs V H Henderson

Registered office:

Aissela

46 High Street

Esher

Surrey

KT10 9QY

Registered number:

08169256 (England and Wales)

Accountants:

Haines Watts

Chartered Accountants

Aissela

46 High Street

Esher

Surrey

KT10 9QY

Fixed assets

Tangible assets

4

5,677

10,109

Current assets

Debtors

5

110,356

109,027

Investments

6

133,908

140,129

Cash at bank

278,002

125,943

522,266

375,099

Creditors

Amounts falling due within one year

7

92,468

67,543

Net current assets

429,798

307,556

Total assets less current liabilities

435,475

317,665

Capital and reserves

Called up share capital

8

100

100

Retained earnings

435,375

317,565

Shareholders' funds

435,475

317,665

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 January 2021 and were signed on its behalf by:

P Henderson - Director

Mrs V H Henderson - Director

1.	Statutory information

PHA Associates Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Current asset investments

Current asset investments are measured at fair value. Fair value is obtained from quoted prices on the active market. During the year, the loss in value included in the profit and loss is £1,236 (2018: £5,128).

3.	Employees and directors

The average number of employees during the year was 2 (2019 - 2 ) .

4.	Tangible fixed assets

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

Cost

At 1 April 2019

and 31 March 2020

25,000

9,217

4,150

38,367

Depreciation

At 1 April 2019

22,096

2,558

3,604

28,258

Charge for year

2,904

998

530

4,432

At 31 March 2020

25,000

3,556

4,134

32,690

Net book value

At 31 March 2020

-

5,661

16

5,677

At 31 March 2019

2,904

6,659

546

10,109

5.

Debtors: amounts falling due within one year

2020

2019

£

£

Trade debtors

36,545

-

Other debtors

11,636

11,636

Directors' current accounts

45,425

36,615

Prepayments and accrued income

16,750

60,776

110,356

109,027

6.	Current asset investments

2020

2019

£

£

Listed investments

133,908

140,129

7.

Creditors: amounts falling due within one year

2020

2019

£

£

Trade creditors

-

1,068

Tax

71,364

37,850

VAT

18,604

26,125

Accrued expenses

2,500

2,500

92,468

67,543

8.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

£1

100

100

9.	Directors' advances, credits and guarantees

The amount owed to the company by the directors at 31 March 2020 is £45,325 (2019: £36,614).

The loans are interest free and repayment is due on demand.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PHA Associates Limited for the year ended 31 March 2020 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of PHA Associates Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of PHA Associates Limited and state those matters that we have agreed to state to the Board of Directors of PHA Associates Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PHA Associates Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that PHA Associates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of PHA Associates Limited. You consider that PHA Associates Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of PHA Associates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Haines Watts

Chartered Accountants

Aissela

46 High Street

Esher

Surrey

KT10 9QY

23 January 2021