Phase Technology Limited - Abbreviated accounts 16.3
Phase Technology Limited - Abbreviated accounts 16.3
| REGISTERED NUMBER: |
| ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2016 |
| FOR |
| PHASE TECHNOLOGY LIMITED |
| PHASE TECHNOLOGY LIMITED (REGISTERED NUMBER: 02846944) |
| CONTENTS OF THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 31 AUGUST 2016 |
| Page |
| Company Information | 1 |
| Abbreviated Balance Sheet | 2 |
| Notes to the Abbreviated Accounts | 4 |
| Chartered Accountants' Report | 6 |
| PHASE TECHNOLOGY LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 AUGUST 2016 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| BANKERS: |
| PHASE TECHNOLOGY LIMITED (REGISTERED NUMBER: 02846944) |
| ABBREVIATED BALANCE SHEET |
| 31 AUGUST 2016 |
| 2016 | 2015 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 2 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 3 |
| Profit and loss account |
| 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. |
| PHASE TECHNOLOGY LIMITED (REGISTERED NUMBER: 02846944) |
| ABBREVIATED BALANCE SHEET - continued |
| 31 AUGUST 2016 |
| The financial statements were approved by the Board of Directors on behalf by: |
| PHASE TECHNOLOGY LIMITED (REGISTERED NUMBER: 02846944) |
| NOTES TO THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 31 AUGUST 2016 |
| 1. | ACCOUNTING POLICIES |
| Accounting convention |
| The financial statements have been prepared under the historical cost convention and in accordance |
| with the Financial Reporting Standard for Smaller Entities (effective January 2015). |
| Turnover |
| Turnover represents amounts derived from operating activities and is stated net of VAT. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
| obsolete and slow moving items. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
| the balance sheet date. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to the profit and loss account on a straight line basis |
| over the period of the lease. |
| 2. | TANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1 September 2015 |
| Additions |
| Disposals | ( |
) |
| At 31 August 2016 |
| DEPRECIATION |
| At 1 September 2015 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 August 2016 |
| NET BOOK VALUE |
| At 31 August 2016 |
| At 31 August 2015 |
| 3. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2016 | 2015 |
| value: | £ | £ |
| ORDINARY | 1p |
| PHASE TECHNOLOGY LIMITED (REGISTERED NUMBER: 02846944) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2016 |
| 4. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| During the year the company reimbursed expenses to D P Thomas totalling £19,170 (2015: £Nil) in the |
| normal course of business. |
| 5. | RELATED PARTY DISCLOSURES |
| The company rents its business premises from Phase Technology Limited Executive Pension Scheme |
| at an annual rent of £39,750. |
| During the year the company paid dividends of £Nil (2015: £200,000) to Phase Technology (Holdings) |
| Limited, the holding company and £Nil (2015: £100,000) to D P Thomas, a former director and |
| shareholder. |
| 6. | POST BALANCE SHEET EVENTS |
| On 10 November 2016, J J Walker and S Carter were appointed directors of the company upon the |
| completion of a management buy out of the shares of the holding company. |
| 7. | ULTIMATE CONTROLLING PARTY |
| The company is ultimately controlled by the directors J J Walker and S Carter, by virtue of being the |
| directors and shareholders of Phase Technology 2Gen Holdings Limited, the owner of the shares of |
| the holding company Phase Technology (Holdings) Limited. |
| CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| PHASE TECHNOLOGY LIMITED |
| The following reproduces the text of the report prepared for the directors in respect of the company's |
| annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on |
| pages two to five) have been prepared. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval |
| the financial statements of Phase Technology Limited for the year ended 31 August 2016 which comprise the |
| Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records |
| and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of Phase Technology Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Phase Technology Limited and state those matters that we have agreed to state to the Board of Directors of Phase Technology Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Phase Technology Limited Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Phase Technology Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Phase Technology Limited. You consider that Phase Technology Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Phase Technology Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| Chartered Accountants |
| 3 March 2017 |