Phase Technology Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02846944 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2018

FOR

PHASE TECHNOLOGY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

J J Walker

S Carter

REGISTERED OFFICE:

Avebury House

6 St Peter Street

Winchester

Hampshire

SO23 8BN

REGISTERED NUMBER:

02846944 (England and Wales)

ACCOUNTANTS:

Rothman Pantall LLP

Chartered Accountants

Avebury House

St Peter Street

Winchester

Hampshire

SO23 8BN

BANKERS:

Lloyds TSB

High Street

Winchester

Hampshire

SO23 9BU

FIXED ASSETS

Tangible assets

4

70,199

86,731

CURRENT ASSETS

Stocks

28,532

25,847

Debtors

5

2,205,944

2,007,590

Cash at bank

414,436

141,725

2,648,912

2,175,162

CREDITORS

Amounts falling due within one year

6

427,751

486,397

NET CURRENT ASSETS

2,221,161

1,688,765

TOTAL ASSETS LESS CURRENT LIABILITIES

2,291,360

1,775,496

PROVISIONS FOR LIABILITIES

8,016

11,303

NET ASSETS

2,283,344

1,764,193

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,283,244

1,764,093

SHAREHOLDERS' FUNDS

2,283,344

1,764,193

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 15 November 2018 and were signed on its behalf by:

J J Walker - Director

S Carter - Director

1.	STATUTORY INFORMATION

Phase Technology 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

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.

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 23 (2017 - 24 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2017

198,849

Additions

11,805

Disposals

(10,475

)

At 31 August 2018

200,179

DEPRECIATION

At 1 September 2017

112,118

Charge for year

23,719

Eliminated on disposal

(5,857

)

At 31 August 2018

129,980

NET BOOK VALUE

At 31 August 2018

70,199

At 31 August 2017

86,731

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

581,469

691,081

Amounts owed by group undertakings

1,601,476

1,304,797

Other debtors

22,999

11,712

2,205,944

2,007,590

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

204,156

211,871

Taxation and social security

216,743

238,901

Other creditors

6,852

35,625

427,751

486,397

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.

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 2018

which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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.

Rothman Pantall LLP

Chartered Accountants

Avebury House

St Peter Street

Winchester

Hampshire

SO23 8BN

16 November 2018