Phase Technology Limited - Accounts to registrar (filleted) - small 17.3
Phase Technology Limited - Accounts to registrar (filleted) - small 17.3
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2017 |
| FOR |
| PHASE TECHNOLOGY LIMITED |
| PHASE TECHNOLOGY LIMITED (REGISTERED NUMBER: 02846944) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Chartered Accountants' Report | 7 |
| PHASE TECHNOLOGY LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 AUGUST 2017 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Avebury House |
| St Peter Street |
| Winchester |
| Hampshire |
| SO23 8BN |
| BANKERS: |
| High Street |
| Winchester |
| Hampshire |
| SO23 9BU |
| PHASE TECHNOLOGY LIMITED (REGISTERED NUMBER: 02846944) |
| BALANCE SHEET |
| 31 AUGUST 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| 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) |
| BALANCE SHEET - continued |
| 31 AUGUST 2017 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on behalf by: |
| PHASE TECHNOLOGY LIMITED (REGISTERED NUMBER: 02846944) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2017 |
| 1. | STATUTORY INFORMATION |
| Phase Technology Limited is a |
| 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 |
| In preparing the financial statements, the directors have considered whether when applying the |
| accounting policies required by FRS 102, restatements of comparative items were required. No such |
| items have been identified. |
| Turnover |
| Turnover is the amount derived from ordinary activities and is stated after trade discounts, other sales |
| taxes and net of value added tax. |
| 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. |
| Financial instruments |
| Short term debtors and creditors are recorded at transaction price. Any losses arising from impairment |
| are recognised in the profit and loss account. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
| 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. |
| PHASE TECHNOLOGY LIMITED (REGISTERED NUMBER: 02846944) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
| period of the lease. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 September 2016 |
| Additions |
| Disposals | ( |
) |
| At 31 August 2017 |
| DEPRECIATION |
| At 1 September 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 August 2017 |
| NET BOOK VALUE |
| At 31 August 2017 |
| At 31 August 2016 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| PHASE TECHNOLOGY LIMITED (REGISTERED NUMBER: 02846944) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2017 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT |
| Other creditors |
| Expenses control | (466 | ) | (689 | ) |
| Credit Card | 1,161 | - |
| Accrued expenses |
| 7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| During the year the company reimbursed expenses to D P Thomas totalling £Nil (2016: £19,170), J |
| Walker totalling £8,623 and S Carter totalling £1,465 in the normal course of business. |
| 8. | RELATED PARTY DISCLOSURES |
| Phase Technology (Holdings) Limited |
| During the year the company incurred costs on behalf of Phase Technology (Holdings) Limited, the |
| holding company of Phase Technology Limited, via an intercompany loan. The loan is interest free |
| and repayable on demand. |
| 2017 |
| £ |
| Amount due from related party as at balance sheet date | 1,033 |
| Phase Technology 2 Gen Holdings Limited |
| During the year the company incurred costs on behalf of Phase Technology 2Gen Holdings Limited, |
| the ultimate parent company via an intercompany loan. The loan is interest free and repayable on |
| demand. |
| 2017 |
| £ |
| Amount due from related party as at balance sheet date | 1,303,764 |
| 9. | 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. |
| 10. | FIRST YEAR ADOPTION |
| Phase Technology Limited ("The Company") prepares its first financial statements that comply with |
| FRS 102 for the year ended 31 August 2017. The Company's date of transition to FRS 102 is 1 |
| September 2015. The following notes to the financial statements of the Company describe the |
| differences between equity and profit or loss presented previously, and the amounts as restated to |
| comply with the accounting policies selected in accordance with FRS 102 for the reporting period |
| ended at 31 August 2016, as well as equity presented in the opening statement of financial position. |
| 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. In accordance with the Companies Act 2006, the company is |
| only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain |
| other primary statements and the Report of the Directors are not required to be filed with the |
| Registrar of Companies. |
| 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 2017 which comprise the |
| Income Statement, 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 and its 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 |
| Avebury House |
| St Peter Street |
| Winchester |
| Hampshire |
| SO23 8BN |