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Registered Number: 01372884
England and Wales

 

 

 

PHETONE LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 April 2021

End date: 31 March 2022
 
 
Notes
 
2022
£
  2021
£
Fixed assets      
Tangible fixed assets 1,654,328    1,554,825 
1,654,328    1,554,825 
Current assets      
Debtors 21,938    520 
Cash at bank and in hand 154,288    71,495 
176,226    72,015 
Creditors: amount falling due within one year (644,244)   (627,754)
Net current liabilities (468,018)   (555,739)
 
Total assets less current liabilities 1,186,310    999,086 
Provisions for liabilities (175,438)   (156,478)
Net assets 1,010,872    842,608 
 

Capital and reserves
     
Called up share capital 2    2 
Profit and loss account 1,010,870    842,606 
Shareholder's funds 1,010,872    842,608 
 


For the year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the companies act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 31 August 2022 and were signed on its behalf by:


--------------------------------
Suzan Unver
Director
1
General Information
Phetone Limited is a private company, limited by shares, registered in England and Wales, registration number 01372884, registration address 2 Claridge Court, Lower Kings Road, Berkhamsted, Hertfordshire, HP4 2AF.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance

These financial statements have been prepared in accordance with "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other that where additional disclosure is required to show a true and fair view.  The financial statements have been prepared on the going concern basis and under the historical cost convention.  The principal accounting policies adopted are set out below.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. Turnover includes revenue earned from the rendering of service, the policies adopted are as follows:


Rental of Property
Turnover from the rental of property is recognised on an accrual basis in line with the contract in place with the tenant. Rents are recognised when due for payment. 


Other Revenue
Recognition is when it is received or when the right to receive payment is established. 

Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 25% Straight Line
Fixtures and Fittings 20% Reducing Balance
Fixed asset investment properties
Fixed asset investment properties are stated at their fair value in the accounts in accordance with FRS 102 accounting policy Section 16.  These are included in the statement of financial position at their fair value at the statement of financial position date. The resulting aggregate surplus or deficit is transferred to a revaluation reserve. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.



Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the statement of financial position to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Significant Judgements and Estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The following are significant management judgements in applying the accounting policies of the group that have the most significant effect on the financial statements.

  • Investment Property Valuation
As with any valuation there is an element of subjectivity.  The Directors have valued the investment properties based on their skill and judgement, having had extensive experience in the property sector.  The directors believe the carrying value reflects the true fair market value at the date of the report.  
2.

Average number of employees


Average number of employees during the year was 0 (2021 : 0).
3.

Tangible fixed assets

Cost or valuation Computer Equipment   Investment properties   Fixtures and Fittings   Total
  £   £   £   £
At 01 April 2021 155    1,552,339    24,167    1,576,661 
Additions      
Disposals      
Revaluations   100,000      100,000 
At 31 March 2022 155    1,652,339    24,167    1,676,661 
Depreciation
At 01 April 2021 155      21,681    21,836 
Charge for year     497    497 
On disposals      
At 31 March 2022 155      22,178    22,333 
Net book values
Closing balance as at 31 March 2022   1,652,339    1,989    1,654,328 
Opening balance as at 01 April 2021   1,552,339    2,486    1,554,825 

The directors have reviewed and considered the valuation of the Investment Properties at the year end and for subsequent potential impairment.  In their skilled and knowledgeable view they have concluded that the fair value of the properties has increased by £100,000.

4.

Share Capital

Allotted, called up and fully paid
2022
£
  2021
£
2 Ordinary shares of £1.00 each  
 

5.

Directors' Loan

At the balance sheet date, the directors of the company were owed £622,043 (2021: £616,756).  This is an interest-free loan, repayable on demand.
6.

Ultimate controlling party

The company is under the control of its directors. 
2