Phare-tech Limited Accounts






Phare-tech Limited

	Company No. 06301998
		Information for Filing with The Registrar
		31 December 2023

The Director presents his report and the accounts for the year ended 31 December 2023.

Principal activities
The principal activity of the company during the year under review was systems engineering consultancy and related services.




Director

The Director who served at any time during the year was as follows:

R. Capolongo







































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

R. Capolongo
Director
24 May 2024

at	31 December 2023
Company No.		06301998	Notes	2023	2022
				£	£
Fixed assets

	Tangible assets		4	2,748	1,310


				2,748	1,310
Current assets
	Stocks		5	58,640	-
	Debtors		6	10,786	4,955

	Cash at bank and in hand			78,580	117,386
				148,006	122,341
Creditors: Amount falling due within one year			7	(94,816)	(77,558)
Net current assets				53,190	44,783
Total assets less current liabilities				55,938	46,093

Provisions for liabilities
	Deferred taxation			(522)	(249)

Net assets				55,416	45,844

Capital and reserves
	Called up share capital			2	2



	Profit and loss account		9	55,414	45,842

Total equity				55,416	45,844



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 24 May 2024 and signed on its behalf by:
R. Capolongo
Director
24 May 2024

for the year ended 31 December 2023

General information

Phare-tech Limited is a private company limited by shares and incorporated in England and Wales.

Its registered number is: 06301998

Its registered office is:

Unit 7 New Venture Ent Cntr

Park Boulevard

Wier Lane

Worcester

WR2 4GD

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• 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 economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Plant and machinery

25% Straight line

Furniture, fittings and equipment

25% Straight line

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other 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.

Foreign currencies

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

3	Employees
			2023	2022
			Number	Number
		The average monthly number of employees (including directors) during the year was:	1	1

4	Tangible fixed assets
			Plant and machinery	Fixtures, fittings and equipment	Total
			£	£	£
		Cost or revaluation
		At 1 January 2023	7,183	13,536	20,719
		Additions	-	2,663	2,663



		At 31 December 2023	7,183	16,199	23,382
		Depreciation
		At 1 January 2023	6,529	12,880	19,409
		Charge for the year	341	884	1,225



		At 31 December 2023	6,870	13,764	20,634
		Net book values
		At 31 December 2023	313	2,435	2,748
		At 31 December 2022	654	656	1,310

5	Stocks
			2023	2022
			£	£


		Finished goods	58,640	-
			58,640	-

6	Debtors
			2023	2022
			£	£
		Trade debtors	7,465	2,081






		Prepayments and accrued income	3,321	2,874
			10,786	4,955

7	Creditors:
		amounts falling due within one year
			2023	2022
			£	£

		Bank loans and overdrafts	1,115	116


		Trade creditors	3,945	3,925

		Taxes and social security	29,960	14,749
		Loans from directors	59,296	58,178

		Accruals and deferred income	500	590
			94,816	77,558

Share Capital

The issued share capital, allotted and fully paid, comprises 160 Ordinary and 40 Ordinary A shares, of £0.01 each.

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.