Company No: 04027337 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2021		2020
		£		£
Fixed assets
Intangible assets	3	10,834		9,756
Tangible assets	4	79,810		97,772
Investments	5	22,854		15,934
		113,498		123,462
Current assets
Stocks		311,912		263,622
Debtors	6	172,722		196,214
Cash at bank and in hand		401,820		488,438
		886,454		948,274
Creditors
Amounts falling due within one year	7	( 354,174)		( 421,996)
Net current assets		532,280		526,278
Total assets less current liabilities		645,778		649,740
Creditors
Amounts falling due after more than one year	8	( 38,333)		( 47,500)
Provision for liabilities		( 15,287)		( 14,538)
Net assets		592,158		587,702
Capital and reserves
Called-up share capital	9	4,296		4,296
Share premium account		9,784		9,784
Capital redemption reserve		4,080		4,080
Profit and loss account		573,998		569,542
Total shareholders' funds		592,158		587,702

For the financial year ending 31 December 2021 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 financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of PH Group UK Limited (registered number: 04027337) were approved and authorised for issue by the Board of Directors on 27 September 2022. They were signed on its behalf by:

Mr L P Harper Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

PH Group UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 28 Darklake View, Estover, Plymouth, PL6 7TL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill	not amortised
Trademarks, patents and licences	5 years straight line

Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is [number] years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Leasehold improvements	10 years straight line
Fixtures and fittings	5 years straight line
Computer equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	16		20

3. Intangible assets

	Goodwill		Trademarks, patents and licences		Total
	£		£		£
Cost
At 01 January 2021	75,750		14,070		89,820
Additions	0		4,797		4,797
At 31 December 2021	75,750		18,867		94,617
Accumulated amortisation
At 01 January 2021	75,750		4,314		80,064
Charge for the financial year	0		3,719		3,719
At 31 December 2021	75,750		8,033		83,783
Net book value
At 31 December 2021	0		10,834		10,834
At 31 December 2020	0		9,756		9,756

4. Tangible assets

	Leasehold improve- ments		Fixtures and fittings		Computer equipment		Total
	£		£		£		£
Cost
At 01 January 2021	107,827		205,158		65,163		378,148
Additions	0		0		2,995		2,995
At 31 December 2021	107,827		205,158		68,158		381,143
Accumulated depreciation
At 01 January 2021	30,413		193,182		56,781		280,376
Charge for the financial year	10,783		5,466		4,708		20,957
At 31 December 2021	41,196		198,648		61,489		301,333
Net book value
At 31 December 2021	66,631		6,510		6,669		79,810
At 31 December 2020	77,414		11,976		8,382		97,772

5. Fixed asset investments

	Other investments		Total
	£		£
Carrying value before impairment
At 01 January 2021	15,934		15,934
Additions	82,195		82,195
Disposals	( 75,275)		( 75,275)
At 31 December 2021	22,854		22,854
Provisions for impairment
At 01 January 2021	0		0
At 31 December 2021	0		0
Carrying value at 31 December 2021	22,854		22,854
Carrying value at 31 December 2020	15,934		15,934

6. Debtors

	2021		2020
	£		£
Trade debtors	160,104		183,968
Prepayments	8,835		8,463
Other debtors	3,783		3,783
	172,722		196,214

7. Creditors: amounts falling due within one year

	2021		2020
	£		£
Bank loans	10,000		2,500
Trade creditors	135,897		131,971
Amounts owed to directors	1,780		6,401
Other creditors	34,179		41,593
Accruals	250		250
Corporation tax	85,163		75,913
Other taxation and social security	86,905		163,368
	354,174		421,996

8. Creditors: amounts falling due after more than one year

	2021		2020
	£		£
Bank loans	38,333		47,500

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

	2021		2020
	£		£
Allotted, called-up and fully-paid
4,080 Ordinary shares of £ 1.00 each	4,080		4,080
108 Ordinary E shares of £ 1.00 each	108		108
108 Ordinary F shares of £ 1.00 each	108		108
	4,296		4,296

10. Ultimate controlling party

Parent Company:

Darklake Limited

Incorporated in England and Wales

The ultimate controlling party is the director, Mr Lee Harper by virtue of his majority shareholding in Darklake Limited