2022-02-012023-01-312023-01-31false07508738PHASE MECHANICAL PROJECTS 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PHASE MECHANICAL PROJECTS LIMITED

Registered Number
07508738
(England and Wales)

Unaudited Financial Statements for the Year ended
31 January 2023

PHASE MECHANICAL PROJECTS LIMITED
Company Information
for the year from 1 February 2022 to 31 January 2023

Directors

JELLEY, Hayley
JELLEY, Simon

Registered Address

39 Chartergate Quarry Park Close
Moulton Park Industrial Estate
Northampton
NN3 6QB

Registered Number

07508738 (England and Wales)
PHASE MECHANICAL PROJECTS LIMITED
Balance Sheet as at
31 January 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets697,023123,786
97,023123,786
Current assets
Stocks762,72974,919
Debtors81,261,3781,686,075
Cash at bank and on hand1,236,0491,653,284
2,560,1563,414,278
Creditors amounts falling due within one year9(1,128,160)(2,170,010)
Net current assets (liabilities)1,431,9961,244,268
Total assets less current liabilities1,529,0191,368,054
Creditors amounts falling due after one year10(60,051)(70,908)
Provisions for liabilities12(18,434)(23,519)
Net assets1,450,5341,273,627
Capital and reserves
Called up share capital1,9001,900
Profit and loss account1,448,6341,271,727
Shareholders' funds1,450,5341,273,627
The financial statements were approved and authorised for issue by the Board of Directors on 12 June 2023, and are signed on its behalf by:
JELLEY, Simon
Director
Registered Company No. 07508738
PHASE MECHANICAL PROJECTS LIMITED
Notes to the Financial Statements
for the year ended 31 January 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The principal activity of the company is Heating & Ventilation.
4.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Stocks policy
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leases policy
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
5.Employee information

20232022
Average number of employees during the year1414
6.Property, plant and equipment

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 February 2248,29023,901222,09921,40831,698347,396
At 31 January 2348,29023,901222,09921,40831,698347,396
Depreciation and impairment
At 01 February 2233,80323,901117,74718,95629,203223,610
Charge for year4,829-19,5761,2011,15726,763
At 31 January 2338,63223,901137,32320,15730,360250,373
Net book value
At 31 January 239,658-84,7761,2511,33897,023
At 31 January 2214,487-104,3522,4522,495123,786
7.Stocks

2023

2022

££
Work in progress23,72952,919
Finished goods39,00022,000
Total62,72974,919
8.Debtors

2023

2022

££
Trade debtors / trade receivables1,095,2801,315,896
Other debtors121,244328,551
Prepayments and accrued income44,85441,628
Total1,261,3781,686,075
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
9.Creditors within one year

2023

2022

££
Trade creditors / trade payables681,3751,447,319
Taxation and social security156,835425,292
Finance lease and HP contracts17,86917,869
Other creditors200,956205,530
Accrued liabilities and deferred income71,12574,000
Total1,128,1602,170,010
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
10.Creditors after one year

2023

2022

££
Other creditors60,05170,908
Total60,05170,908
11.Finance lease and HP contracts after one year

2023

2022

££
Finance lease and HP contracts60,05170,908
12.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)18,43423,519
Total18,43423,519