Company No: 04027337 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2022		2021
		£		£
Fixed assets
Intangible assets	3	7,060		10,834
Tangible assets	4	166,614		79,810
Investments	5	15,844		22,854
		189,518		113,498
Current assets
Stocks		231,218		311,912
Debtors	6	125,780		172,722
Cash at bank and in hand		216,835		401,820
		573,833		886,454
Creditors: amounts falling due within one year	7	( 193,472)		( 354,174)
Net current assets		380,361		532,280
Total assets less current liabilities		569,879		645,778
Creditors: amounts falling due after more than one year	8	( 28,333)		( 38,333)
Provision for liabilities		( 23,649)		( 15,287)
Net assets		517,897		592,158
Capital and reserves
Called-up share capital	9	4,436		4,296
Share premium account		9,784		9,784
Capital redemption reserve		4,080		4,080
Profit and loss account		499,597		573,998
Total shareholders' funds		517,897		592,158

For the financial year ending 31 December 2022 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 Profit and Loss Account 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 28 September 2023. 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	20 years straight line
Trademarks, patents and licences	5 years straight line

Goodwill

Goodwill, being the amount paid in connection with the incorporation of the business, has been amortised in full.

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 Profit and Loss Account 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	15		16

3. Intangible assets

	Goodwill		Trademarks, patents and licences		Total
	£		£		£
Cost
At 01 January 2022	75,750		18,867		94,617
At 31 December 2022	75,750		18,867		94,617
Accumulated amortisation
At 01 January 2022	75,750		8,033		83,783
Charge for the financial year	0		3,774		3,774
At 31 December 2022	75,750		11,807		87,557
Net book value
At 31 December 2022	0		7,060		7,060
At 31 December 2021	0		10,834		10,834

4. Tangible assets

	Leasehold improve- ments		Fixtures and fittings		Computer equipment		Total
	£		£		£		£
Cost
At 01 January 2022	107,827		205,158		68,158		381,143
Additions	107,671		1,873		0		109,544
At 31 December 2022	215,498		207,031		68,158		490,687
Accumulated depreciation
At 01 January 2022	41,196		198,648		61,489		301,333
Charge for the financial year	14,257		3,677		4,806		22,740
At 31 December 2022	55,453		202,325		66,295		324,073
Net book value
At 31 December 2022	160,045		4,706		1,863		166,614
At 31 December 2021	66,631		6,510		6,669		79,810

5. Fixed asset investments

	Other investments		Total
	£		£
Carrying value before impairment
At 01 January 2022	22,854		22,854
Additions	63,765		63,765
Disposals	( 70,775)		( 70,775)
At 31 December 2022	15,844		15,844
Provisions for impairment
At 01 January 2022	0		0
At 31 December 2022	0		0
Carrying value at 31 December 2022	15,844		15,844
Carrying value at 31 December 2021	22,854		22,854

6. Debtors

	2022		2021
	£		£
Trade debtors	121,997		160,104
Prepayments	0		8,835
Other debtors	3,783		3,783
	125,780		172,722

7. Creditors: amounts falling due within one year

	2022		2021
	£		£
Bank loans	10,000		10,000
Trade creditors	84,231		135,897
Amounts owed to directors	739		1,780
Accruals	250		250
Taxation and social security	54,320		172,068
Other creditors	43,932		34,179
	193,472		354,174

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

	2022		2021
	£		£
Bank loans	28,333		38,333

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

9. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
4,080 Ordinary shares of £ 1.00 each	4,080		4,080
178 Ordinary E shares of £ 1.00 each (2021: 108 shares of £ 1.00 each)	178		108
178 Ordinary F shares of £ 1.00 each (2021: 108 shares of £ 1.00 each)	178		108
	4,436		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