Caseware UK (AP4) 2022.0.179 2022.0.179 2022-10-312022-10-31Ownership and leasing of own properties11falsefalsetrue2021-11-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11962454 2021-11-01 2022-10-31 11962454 2020-11-01 2021-10-31 11962454 2022-10-31 11962454 2021-10-31 11962454 c:Director1 2021-11-01 2022-10-31 11962454 d:FreeholdInvestmentProperty 2022-10-31 11962454 d:FreeholdInvestmentProperty 2021-10-31 11962454 d:CurrentFinancialInstruments 2022-10-31 11962454 d:CurrentFinancialInstruments 2021-10-31 11962454 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 11962454 d:CurrentFinancialInstruments d:WithinOneYear 2021-10-31 11962454 d:ShareCapital 2022-10-31 11962454 d:ShareCapital 2021-10-31 11962454 d:RetainedEarningsAccumulatedLosses 2022-10-31 11962454 d:RetainedEarningsAccumulatedLosses 2021-10-31 11962454 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-10-31 11962454 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2021-10-31 11962454 c:FRS102 2021-11-01 2022-10-31 11962454 c:AuditExempt-NoAccountantsReport 2021-11-01 2022-10-31 11962454 c:FullAccounts 2021-11-01 2022-10-31 11962454 c:PrivateLimitedCompanyLtd 2021-11-01 2022-10-31 iso4217:GBP xbrli:pure

Registered number: 11962454










PHI PHI LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

 
PHI PHI LTD
REGISTERED NUMBER: 11962454

BALANCE SHEET
AS AT 31 OCTOBER 2022

2022
2021
Note
£
£

Fixed assets
  

Investment property
 4 
295,541
295,541

  
295,541
295,541

Current assets
  

Debtors: amounts falling due within one year
 5 
1
1

Cash at bank and in hand
 6 
47,394
12,560

  
47,395
12,561

Creditors: amounts falling due within one year
 7 
(294,100)
(288,828)

Net current liabilities
  
 
 
(246,705)
 
 
(276,267)

Total assets less current liabilities
  
48,836
19,274

  

Net assets
  
48,836
19,274


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
48,835
19,273

  
48,836
19,274


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 October 2023.






Page 1

 
PHI PHI LTD
REGISTERED NUMBER: 11962454

BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2022

Dr Nabil Choudhury
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
PHI PHI LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

1.


General information

Phi Phi Ltd 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

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.4

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 3

 
PHI PHI LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

2.Accounting policies (continued)

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The
Page 4

 
PHI PHI LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

2.Accounting policies (continued)


2.8
Financial instruments (continued)

impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are
Page 5

 
PHI PHI LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

2.Accounting policies (continued)


2.8
Financial instruments (continued)

discharged or cancelled.


3.


Employees

The average monthly number of employees, including the director, during the year was as follows:


        2022
        2021
            No.
            No.







Employees
1
1


4.


Investment property


Freehold investment property

£



Valuation


At 1 November 2021
295,541



At 31 October 2022
295,541

The 2022 valuations were made by the director, on an open market value for existing use basis.



At 31 October 2022





5.


Debtors

2022
2021
£
£


Other debtors
1
1

1
1


Page 6

 
PHI PHI LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
47,394
12,560

47,394
12,560



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Corporation tax
6,940
2,388

Other creditors
285,000
285,000

Accruals and deferred income
2,160
1,440

294,100
288,828



8.


Financial instruments

2022
2021
£
£

Financial assets


Financial assets measured at fair value through profit or loss
47,394
47,394




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


9.


Related party transactions

At the balance sheet date the company owed NCIA Holdings Ltd £210,000 (2021:£210,000) and £75,000 (2021: £75,000) to JZC Ltd, companies in which the director Dr Nabil Choudhury has a controlling interest.
The amount of £285,000 (2021: £385,000) is included in other creditors due within one year.


10.


Controlling party

Dr Nabil Choudhury is the ultimate controlling party.


Page 7