Pharos S & R Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05067819 (England and Wales)

Financial Statements for the Year Ended 30th September 2023

for

Pharos S & R Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M P Winstone

M Scott

P T Yardley

REGISTERED OFFICE:

228 Lythalls Lane

Coventry

West Midlands

CV6 6GF

REGISTERED NUMBER:

05067819 (England and Wales)

ACCOUNTANTS:

The Richards Sandy Partnership

Thorneloe House

25 Barbourne Road

Worcester

Worcestershire

WR1 1RU

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

718,568

836,047

718,568

836,047

CURRENT ASSETS

Stocks

58,925

71,429

Debtors

561,327

810,592

Cash at bank

428,395

135

1,048,647

882,156

CREDITORS

Amounts falling due within one year

415,694

425,872

NET CURRENT ASSETS

632,953

456,284

TOTAL ASSETS LESS CURRENT LIABILITIES

1,351,521

1,292,331

CREDITORS

Amounts falling due after more than one year

(1,562

)

(46,392

)

PROVISIONS FOR LIABILITIES

(139,270

)

(127,429

)

NET ASSETS

1,210,689

1,118,510

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,210,589

1,118,410

SHAREHOLDERS' FUNDS

1,210,689

1,118,510

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2023 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30th September 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 11th March 2024 and were signed on its behalf by:

M P Winstone - Director

M Scott - Director

P T Yardley - Director

1.	STATUTORY INFORMATION

Pharos S & R 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.

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.

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.

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 27 (2022 - 23 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1st October 2022

and 30th September 2023

213,400

AMORTISATION

At 1st October 2022

and 30th September 2023

213,400

NET BOOK VALUE

At 30th September 2023

-

At 30th September 2022

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st October 2022

3,128,699

Additions

51,153

At 30th September 2023

3,179,852

DEPRECIATION

At 1st October 2022

2,292,652

Charge for year

168,632

At 30th September 2023

2,461,284

NET BOOK VALUE

At 30th September 2023

718,568

At 30th September 2022

836,047

6.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2023

2022

£

£

Net obligations repayable:

Within one year

45,986

169,282

Between one and five years

1,562

46,392

47,548

215,674

Non-cancellable

operating leases

2023

2022

£

£

Within one year

-

4,462

7.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Hire purchase contracts

47,548

215,674

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 GSB Aero Limited.

The registered office address is 228 Lythalls Lane, Coventry, West Midlands, CV6 6GF.