Phaseline Electrical Limited 05955255 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is is that of electrical installation. Digita Accounts Production Advanced 6.30.9574.0 true true 05955255 2022-04-01 2023-03-31 05955255 2023-03-31 05955255 bus:OrdinaryShareClass1 2023-03-31 05955255 core:CurrentFinancialInstruments 2023-03-31 05955255 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05955255 core:Non-currentFinancialInstruments 2023-03-31 05955255 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 05955255 core:OtherResidualIntangibleAssets 2023-03-31 05955255 core:MotorVehicles 2023-03-31 05955255 core:PlantMachinery 2023-03-31 05955255 bus:SmallEntities 2022-04-01 2023-03-31 05955255 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 05955255 bus:FullAccounts 2022-04-01 2023-03-31 05955255 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 05955255 bus:RegisteredOffice 2022-04-01 2023-03-31 05955255 bus:CompanySecretary1 2022-04-01 2023-03-31 05955255 bus:Director1 2022-04-01 2023-03-31 05955255 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 05955255 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05955255 core:IntangibleAssetsOtherThanGoodwill 2022-04-01 2023-03-31 05955255 core:FurnitureFittings 2022-04-01 2023-03-31 05955255 core:MotorVehicles 2022-04-01 2023-03-31 05955255 core:PlantMachinery 2022-04-01 2023-03-31 05955255 countries:EnglandWales 2022-04-01 2023-03-31 05955255 2022-03-31 05955255 core:OtherResidualIntangibleAssets 2022-03-31 05955255 core:MotorVehicles 2022-03-31 05955255 core:PlantMachinery 2022-03-31 05955255 2021-04-01 2022-03-31 05955255 2022-03-31 05955255 bus:OrdinaryShareClass1 2022-03-31 05955255 core:CurrentFinancialInstruments 2022-03-31 05955255 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 05955255 core:Non-currentFinancialInstruments 2022-03-31 05955255 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 05955255 core:MotorVehicles 2022-03-31 05955255 core:PlantMachinery 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05955255

Phaseline Electrical Limited
Unaudited Filleted Financial Statements
for the Year Ended 31 March 2023

Phaseline Electrical Limited

Contents

Company Information | 1
Balance Sheet | 2 to 3
Notes to the Unaudited Financial Statements | 4 to 11

Phaseline Electrical Limited

Company Information

Director | Mr Simon Frederick Woodward

Company secretary | Mr Alan Woodward

Registered office | Universal House 41 Catley Road Darnall Sheffield South Yorkshire S9 5JF

Accountants | Thorntons Accounting Limited Chartered Certified Accountants 176-178 Pontefract Road Cudworth Barnsley South Yorkshire S72 8BE

Phaseline Electrical Limited

(Registration number: 05955255)
Balance Sheet as at 31 March 2023

| Note | 2023 £ | 2022 £
Fixed assets |  |  |
Tangible assets | 5 | 37,278 | 72,223
Current assets |  |  |
Stocks | 6 | 4,000 | 4,000
Debtors | 7 | 325,268 | 207,598
Cash at bank and in hand |  | 66,623 | 147,864
|  | 395,891 | 359,462
Creditors: Amounts falling due within one year | 8 | (260,174) | (189,472)
Net current assets |  | 135,717 | 169,990
Total assets less current liabilities |  | 172,995 | 242,213
Creditors: Amounts falling due after more than one year | 8 | (23,239) | (33,350)
Net assets |  | 149,756 | 208,863
Capital and reserves |  |  |
Called up share capital | 9 | 1 | 1
Retained earnings |  | 149,755 | 208,862
Shareholders' funds |  | 149,756 | 208,863

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

Director's responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 August 2023

Phaseline Electrical Limited

(Registration number: 05955255)
Balance Sheet as at 31 March 2023

......................................... Mr Simon Frederick Woodward Director

Phaseline Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Universal House
41 Catley Road
Darnall
Sheffield
South Yorkshire
S9 5JF

These financial statements were authorised for issue by the director on 23 August 2023.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Phaseline Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Plant and Machinery | 25% Straight Line Basis
Motor Vehicles | 25% Straight Line Basis
Furniture and Fittings | 25% Straight Line Basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Other Intangible Assets | 25% Straight Line Basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Phaseline Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Phaseline Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3 | Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2022 - 3).

Phaseline Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4 | Intangible assets

| Other intangible assets £ | Total £
Cost or valuation
At 1 April 2022 | 13,000 | 13,000
At 31 March 2023 | 13,000 | 13,000
Amortisation
At 1 April 2022 | 13,000 | 13,000
At 31 March 2023 | 13,000 | 13,000
Carrying amount
At 31 March 2023 | - | -

5 | Tangible assets

| Plant and machinery £ | Motor vehicles £ | Total £
Cost or valuation
At 1 April 2022 | 47,703 | 181,368 | 229,071
Additions | 458 | - | 458
Disposals | - | (91,593) | (91,593)
At 31 March 2023 | 48,161 | 89,775 | 137,936
Depreciation
At 1 April 2022 | 46,074 | 110,774 | 156,848
Charge for the year | 970 | 20,214 | 21,184
Eliminated on disposal | - | (77,374) | (77,374)
At 31 March 2023 | 47,044 | 53,614 | 100,658
Carrying amount
At 31 March 2023 | 1,117 | 36,161 | 37,278
At 31 March 2022 | 1,629 | 70,594 | 72,223

Phaseline Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6 | Stocks

| 2023 £ | 2022 £
Work in progress | 2,000 | 2,000
Other inventories | 2,000 | 2,000
| 4,000 | 4,000

7 | Debtors

| 2023 £ | 2022 £
Trade debtors | 257,644 | 146,937
Other debtors | 66,729 | 60,345
Prepayments | 895 | 316
| 325,268 | 207,598

Phaseline Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8 | Creditors

Creditors: amounts falling due within one year

| Note | 2023 £ | 2022 £
Due within one year |  |  |
Loans and borrowings | 10 | 9,150 | 9,150
Trade creditors |  | 242,323 | 151,387
Taxation and social security |  | 5,842 | 7,206
Accruals and deferred income |  | 1,750 | 1,600
Other creditors |  | 1,109 | 20,129
|  | 260,174 | 189,472

Creditors: amounts falling due after more than one year

| Note | 2023 £ | 2022 £
Due after one year |  |  |
Loans and borrowings | 10 | 23,239 | 33,350

9 | Share capital

Allotted, called up and fully paid shares

| 2023 | 2022
| No. | £ | No. | £
Ordinary of £1 each | 1 | 1 | 1 | 1

10 | Loans and borrowings

| 2023 £ | 2022 £
Non-current loans and borrowings
Bank borrowings | 23,239 | 33,350

Phaseline Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

| 2023 £ | 2022 £
Current loans and borrowings
Bank borrowings | 9,150 | 9,150

11 | Related party transactions

Transactions with the director

Director's remuneration

The director's remuneration for the year was as follows:

| 2023 £ | 2022 £
Remuneration | 9,445 | 8,840