ACCOUNTS - Final Accounts preparation

PHASOR ESSEX LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-30false2022-07-20falseWholesale of electronic and telecommunications equipment and parts3trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 14245274 2022-07-19 14245274 2022-07-20 2023-04-30 14245274 2021-07-20 2022-07-19 14245274 2023-04-30 14245274 c:Director1 2022-07-20 2023-04-30 14245274 d:MotorVehicles 2022-07-20 2023-04-30 14245274 d:MotorVehicles 2023-04-30 14245274 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-07-20 2023-04-30 14245274 d:OfficeEquipment 2022-07-20 2023-04-30 14245274 d:OfficeEquipment 2023-04-30 14245274 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-07-20 2023-04-30 14245274 d:OwnedOrFreeholdAssets 2022-07-20 2023-04-30 14245274 d:CurrentFinancialInstruments 2023-04-30 14245274 d:Non-currentFinancialInstruments 2023-04-30 14245274 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 14245274 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 14245274 d:ShareCapital 2023-04-30 14245274 d:RetainedEarningsAccumulatedLosses 2023-04-30 14245274 c:OrdinaryShareClass1 2022-07-20 2023-04-30 14245274 c:OrdinaryShareClass1 2023-04-30 14245274 c:OrdinaryShareClass2 2022-07-20 2023-04-30 14245274 c:OrdinaryShareClass2 2023-04-30 14245274 c:FRS102 2022-07-20 2023-04-30 14245274 c:AuditExempt-NoAccountantsReport 2022-07-20 2023-04-30 14245274 c:FullAccounts 2022-07-20 2023-04-30 14245274 c:PrivateLimitedCompanyLtd 2022-07-20 2023-04-30 14245274 d:HirePurchaseContracts d:WithinOneYear 2023-04-30 14245274 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-04-30 14245274 2 2022-07-20 2023-04-30 14245274 6 2022-07-20 2023-04-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 14245274

PHASOR ESSEX LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 APRIL 2023

PHASOR ESSEX LIMITED

REGISTERED NUMBER: 14245274

STATEMENT OF FINANCIAL POSITION

AS AT 30 APRIL 2023

		2023
Note		£

Fixed assets
Tangible assets	4		18,962
Investments	5		1
			18,963
Current assets
Stocks		150,000
Debtors: amounts falling due within one year	6	295,655
Cash at bank and in hand	7	12,100
		457,755
Creditors: amounts falling due within one year	8	(426,835)
Net current assets			30,920
Total assets less current liabilities			49,883
Creditors: amounts falling due after more than one year	9		(11,550)

Net assets			38,333

Capital and reserves
Called up share capital	11	100
Profit and loss account		38,233
		38,333

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PHASOR ESSEX LIMITED

REGISTERED NUMBER: 14245274

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 30 APRIL 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 January 2024.

B Patel

Director

The notes on pages 3 to 8 form part of these financial statements.

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PHASOR ESSEX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2023

1.	General information

Phasor Essex Limited, Company number 14245274, is a private company limited by shares incorporated in England and Wales. The address of the company’s registered office is 101 New Cavendish Street, 1st Floor South, London, United Kingdom, W1W 6XH.
Principal activity of the company during the year was Wholesale of electronic and telecommunications equipment and parts.
The company was incorporated on 20 July 2022 and began trading on the same day.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

In assessing the ability of the company to operate as a going concern, management have evaluated
current and forecasted operational results, and the solvency of the company. As a result, the director
considers it appropriate to prepare the financial statements on a going concern basis.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

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PHASOR ESSEX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2023

2.Accounting policies (continued)

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

				Motor vehicles	-	25%	Reducing balance
				Office equipment	-	25%	Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

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PHASOR ESSEX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2023

2.Accounting policies (continued)

2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Employees

The average monthly number of employees, including directors, during the period was 3.

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PHASOR ESSEX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2023

4.	Tangible fixed assets

	Motor vehicles	Office equipment	Total
	£	£	£
Cost or valuation
Additions	16,500	3,671	20,171
At 30 April 2023	16,500	3,671	20,171
Depreciation
Charge for the period on owned assets	1,031	178	1,209
At 30 April 2023	1,031	178	1,209
Net book value
At 30 April 2023	15,469	3,493	18,962

5.	Fixed asset investments

		Unlisted investments
		£
	Cost or valuation
	Additions	1
	At 30 April 2023	1

Debtors

					2023
					£


	Trade debtors	217,497
	Other debtors	66,158
	Prepayments and accrued income	12,000
		295,655

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PHASOR ESSEX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2023

7.	Cash and cash equivalents
		2023
		£

	Cash at bank and in hand	12,100
		12,100

8.	Creditors: Amounts falling due within one year
		2023
		£

	Trade creditors	139,531
	Amounts owed to group undertakings	246,684
	Corporation tax	4,185
	Other taxation and social security	13,153
	Obligations under finance lease and hire purchase contracts	3,298
	Other creditors	817
	Accruals and deferred income	19,167
		426,835

9.	Creditors: Amounts falling due after more than one year
		2023
		£

	Net obligations under finance leases and hire purchase contracts	11,550
		11,550

10.	Hire purchase and finance leases
	Minimum lease payments under hire purchase fall due as follows:
		2023
		£

	Within one year	3,298
	Between 1-5 years	11,550
		14,848

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PHASOR ESSEX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2023

11.	Share capital
		2023
		£

		Allotted, called up and fully paid

		80 Ordinary A shares of £1.00 each	80
		20 Ordinary B shares of £1.00 each	20

			100

At incorporation the company issued 80 Ordinary A shares and 20 Ordinary B shares of £1 each.

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