Pharos S & R Limited - Accounts to registrar (filleted) - small 23.1.2
Pharos S & R Limited - Accounts to registrar (filleted) - small 23.1.2
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 30th September 2022 |
| for |
| Pharos S & R Limited |
| Pharos S & R Limited (Registered number: 05067819) |
| Contents of the Financial Statements |
| for the Year Ended 30th September 2022 |
| Page |
| Company Information | 1 |
| Abridged Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Pharos S & R Limited |
| Company Information |
| for the Year Ended 30th September 2022 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Thorneloe House |
| 25 Barbourne Road |
| Worcester |
| Worcestershire |
| WR1 1RU |
| Pharos S & R Limited (Registered number: 05067819) |
| Abridged Balance Sheet |
| 30th September 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| Pharos S & R Limited (Registered number: 05067819) |
| Abridged Balance Sheet - continued |
| 30th September 2022 |
| 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 |
| Pharos S & R Limited (Registered number: 05067819) |
| Notes to the Financial Statements |
| for the Year Ended 30th September 2022 |
| 1. | STATUTORY INFORMATION |
| Pharos S & R Limited is a |
| 2. | ACCOUNTING POLICIES |
| BASIS OF PREPARING THE FINANCIAL STATEMENTS |
| The financial statements are prepared on the going concern basis as the ultimate controlling party has agreed to support the company as necessary until it becomes profitable and to ensure that it can meet its liabilities as they fall due. |
| RELATED PARTY EXEMPTION |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| TURNOVER |
| Turnover from the supply of services represents the value of services provided to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. |
| GOODWILL |
| Goodwill, being the amount paid in connection with the acquisition of the business in 2004, has been fully impaired in previous years. |
| TANGIBLE FIXED ASSETS |
| Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses: |
| Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following basis: |
| Plant and machinery | - | 10% on cost |
| Short leasehold | - | 12% on cost |
| Computer equipment | - | 25% on cost |
| 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 an asset, and is credited or charged to the profit or loss. |
| GOVERNMENT GRANTS |
| Government grants are recognised on the performance model. A grant that does not impose specified future performance-related conditions is recognised in income when the grant proceeds are received or receivable. A grant that imposes specified future performance-related conditions is recognised in income only when the performance-related conditions are met. Grants received before the revenue recognition criteria are satisfied are recognised as a liability. |
| STOCKS |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Pharos S & R Limited (Registered number: 05067819) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30th September 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| FINANCIAL INSTRUMENTS |
| Financial instruments are recognised when the company becomes party to contractual provisions of the instrument. |
| Financial assets are offset, with the net amounts presented in the accounts where 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. |
| Basic Financial Assets |
| Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. |
| Basic Financial Liabilities |
| Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of the operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction. |
| TAXATION |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
| FOREIGN CURRENCIES |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| PENSION COSTS |
| The company contributes to a personal pension scheme for certain employees. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Pharos S & R Limited (Registered number: 05067819) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30th September 2022 |
| 4. | INTANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| At 1st October 2021 |
| and 30th September 2022 |
| AMORTISATION |
| At 1st October 2021 |
| and 30th September 2022 |
| NET BOOK VALUE |
| At 30th September 2022 |
| At 30th September 2021 |
| 5. | TANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| At 1st October 2021 |
| Additions |
| At 30th September 2022 |
| DEPRECIATION |
| At 1st October 2021 |
| Charge for year |
| At 30th September 2022 |
| NET BOOK VALUE |
| At 30th September 2022 |
| At 30th September 2021 |
| 6. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2022 | 2021 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable | operating leases |
| 2022 | 2021 |
| £ | £ |
| Within one year |
| Pharos S & R Limited (Registered number: 05067819) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30th September 2022 |
| 7. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2022 | 2021 |
| £ | £ |
| Bank overdrafts |
| Hire purchase contracts | 215,674 | 377,984 |
| Bank loans are secured by way of fixed and floating charges over the assets and undertakings of the company. |
| Hire purchase loans are secured over the tangible fixed assets to which they relate. |
| 8. | ULTIMATE CONTROLLING PARTY |
| The holding company is Pharos Manufacturing Group Limited. |
| The registered office address is Keytec 7 Business Park, 26-28 Kempton Road, Pershore, Worcestershire, WR10 2TA. |