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REGISTERED NUMBER: 04424536 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

PHASE ELECTRICAL DISTRIBUTORS LIMITED

PHASE ELECTRICAL DISTRIBUTORS LIMITED (REGISTERED NUMBER: 04424536)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


PHASE ELECTRICAL DISTRIBUTORS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: D P Hogg
D Poole
S R Millard
M B Nealer



SECRETARY: M S Walker



REGISTERED OFFICE: Unit 42
Hammonds Drive Ind. Estate
Eastbourne
East Sussex
BN23 6PW



REGISTERED NUMBER: 04424536 (England and Wales)



AUDITORS: Ashdown Hurrey Auditors Limited
Statutory Auditor
20 Havelock Road
Hastings
East Sussex
TN34 1BP



SOLICITORS: Gaby Hardwicke
33 The Avenue
Eastbourne
East Sussex
BN21 3YD

PHASE ELECTRICAL DISTRIBUTORS LIMITED (REGISTERED NUMBER: 04424536)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their strategic report for the year ended 31 March 2023.

REVIEW OF BUSINESS
The Directors are pleased to report continued Growth in Turnover and only a small drop in Pre-Tax Profits. We are pleased considering the ever increasing costs in all areas associated to the running of our business ie. Fuel, Gas, Electricity, Raw Materials in the manufacture of the products we sell to name just a few. The decision to move our Hastings branch in 2021 reaped rewards last year with 16.46% increase in revenue and 1.87% increase in margin. Our new Meeting and Training Centre has been received with much enthusiasm and is used regularly by our Customers and Suppliers. This helps strengthen our relationships with them and shows our commitment to improve the knowledge and service we offer by continued staff training. We have put more emphasis on how we market our business and have increased the number of people working in that department. This helps us remain relevant and keep up with all the current trends that are available to showcase our company and maintain its continued growth


Key Performance Indicators

Turnover Gross margin Pre tax profit

2023 £25,712,542 £6,310,950 £1,250,638

2022 £22,584,890 £5,766,243 £1,306,607

2021 £17,880,035 £4,180,464 £1,210,891

2020 £17,519,064 £4,229,128 £451,855

PRINCIPAL RISKS AND UNCERTAINTIES
Phase Electrical Distributors Limited is a long-established company having first opened its doors in 2002. We are well known for offering quality goods and service levels that match our customers' expectations. The company sells products with specific margins associated to them to reach the required profits. The company's ability to maintain these margins ensures both stability and ultimately, growth and helps to build a firm platform from which the company can compete with and nullify future competition. As a company we ensure we sell on all platforms to keep current with all purchasing changes. The Ukraine/Russia war is still very much affecting the financial stability of all global economies and will continue to do so for the foreseeable future. Closer to home the cost of living crisis continues to dominate everyone's thoughts, so we are ensuring our workforce are at the forefront of our minds when making short term decisions that impact us immediately. Wages continue to grow to reflect these difficult times.

FUTURE DEVELOPMENTS
The Directors believe that the business is in a strong and healthy position going forward and it continues to maintain its profitability despite the continued challenging environment. The company showed its strength again by increasing its balance sheet at its financial year end. The company will continue to operate the same business model as it has done in the past with continuity an essential ingredient for success. Towards the end of 2022 we agreed the lease on a brand new commercial unit covering 7000 ft² which will be home to our new Phase Renewables department. This is a big investment which will help maintain our ability to cover all aspects of our customer's needs. Renewable energy is extremely important as it reduces global warming, improves public health and is an inexhaustible energy supply. There are many more benefits and we will focus on what is demanded commercially and domestically to reduce our carbon footprint.

ON BEHALF OF THE BOARD:





D P Hogg - Director


25 September 2023

PHASE ELECTRICAL DISTRIBUTORS LIMITED (REGISTERED NUMBER: 04424536)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their report with the financial statements of the company for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of being an electrical wholesaler to trade and retail customers.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2023 will be £654,492 (2022: £484,512).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

D P Hogg
D Poole
S R Millard
M B Nealer

FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise bank balances, trade creditors, trade debtors, operating lease agreements and directors' loans. The main purpose of these instruments is to finance the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest.

The loans from the directors do not have interest charged but are repayable on demand. The directors are aware of the company's required finance and have determined that these will only be repaid, in whole or in part, when finance is available.

The company's operating lease commitments are in respect of the property from which the company operates as well as motor vehicles. The liquidity risk in respect of these is managed in the same way as loans above.

The company's trade debtors are factored thorough the bank although the company retains all significant benefits and risks in respect of these. These are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

DONATIONS AND EXPENDITURE
Donations were made by the company during the period to the value of £1,350 (2022:£0). These donations were made to various non political charities.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


PHASE ELECTRICAL DISTRIBUTORS LIMITED (REGISTERED NUMBER: 04424536)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Ashdown Hurrey Auditors Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D P Hogg - Director


25 September 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PHASE ELECTRICAL DISTRIBUTORS LIMITED

Opinion
We have audited the financial statements of Phase Electrical Distributors Limited (the 'company') for the year ended 31 March 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PHASE ELECTRICAL DISTRIBUTORS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages three and four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

During the planning stage of this audit we considered the likelihood of irregularities around laws and regulations relevant to the company, including enquiry of management and those charged with governance. These were also discussed during the audit planning meeting held by the team. We reviewed the company's systems and controls in place, and formed an assessment as to their operational effectiveness.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to:
- The financial reporting standard; FRS102
- Employment law

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above.

During the course of this audit the team discussed this area with senior members of the company's staff, including directors, and also carried out a review of legal expenses for evidence of any issues.

We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach.

We are therefore of the opinion that given the risk level identified, our procedures planned and undertaken, are adequate for detecting irregularities.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PHASE ELECTRICAL DISTRIBUTORS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Daniel Oliver FCCA (Senior Statutory Auditor)
for and on behalf of Ashdown Hurrey Auditors Limited
Statutory Auditor
20 Havelock Road
Hastings
East Sussex
TN34 1BP

8 November 2023

PHASE ELECTRICAL DISTRIBUTORS LIMITED (REGISTERED NUMBER: 04424536)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

31.3.23 31.3.22
Notes £    £   

TURNOVER 3 25,712,542 22,584,890

Cost of sales (19,401,592 ) (16,818,647 )
GROSS PROFIT 6,310,950 5,766,243

Administrative expenses (4,981,477 ) (4,470,243 )
1,329,473 1,296,000

Other operating income 4 - 56,395
OPERATING PROFIT 6 1,329,473 1,352,395

Interest receivable and similar income 206 -
1,329,679 1,352,395

Interest payable and similar expenses 7 (79,041 ) (45,788 )
PROFIT BEFORE TAXATION 1,250,638 1,306,607

Tax on profit 8 (275,151 ) (237,702 )
PROFIT FOR THE FINANCIAL YEAR 975,487 1,068,905

OTHER COMPREHENSIVE LOSS
Share buy back (49,975 ) -
Income tax relating to other comprehensive
loss

-

-
OTHER COMPREHENSIVE LOSS FOR THE
YEAR, NET OF INCOME TAX

(49,975

)

-
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

925,512

1,068,905

PHASE ELECTRICAL DISTRIBUTORS LIMITED (REGISTERED NUMBER: 04424536)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 63,400 117,295
Tangible assets 11 731,370 658,441
794,770 775,736

CURRENT ASSETS
Stocks 12 3,458,468 3,101,049
Debtors 13 5,245,163 4,796,047
Cash at bank and in hand 29,608 7,715
8,733,239 7,904,811
CREDITORS
Amounts falling due within one year 14 7,113,091 6,482,562
NET CURRENT ASSETS 1,620,148 1,422,249
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,414,918

2,197,985

CREDITORS
Amounts falling due after more than one
year

15

(2,630

)

(107,944

)

PROVISIONS FOR LIABILITIES 19 (198,012 ) (146,760 )
NET ASSETS 2,214,276 1,943,281

CAPITAL AND RESERVES
Called up share capital 20 4,078 4,103
Share premium 245,972 245,972
Capital redemption reserve 75 50
Retained earnings 1,964,151 1,693,156
SHAREHOLDERS' FUNDS 2,214,276 1,943,281

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2023 and were signed on its behalf by:





D P Hogg - Director


PHASE ELECTRICAL DISTRIBUTORS LIMITED (REGISTERED NUMBER: 04424536)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   

Balance at 1 April 2021 4,103 1,108,763 245,972 50 1,358,888

Changes in equity
Profit for the year - 1,068,905 - - 1,068,905
Total comprehensive income - 1,068,905 - - 1,068,905
Dividends - (484,512 ) - - (484,512 )
Balance at 31 March 2022 4,103 1,693,156 245,972 50 1,943,281

Changes in equity
Profit for the year - 975,487 - - 975,487
Other comprehensive income - (50,000 ) - 25 (49,975 )
Total comprehensive income - 925,487 - 25 925,512
Issue of share capital (25 ) - - - (25 )
Dividends - (654,492 ) - - (654,492 )
Balance at 31 March 2023 4,078 1,964,151 245,972 75 2,214,276

PHASE ELECTRICAL DISTRIBUTORS LIMITED (REGISTERED NUMBER: 04424536)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

31.3.23 31.3.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 879,330 1,536,226
Interest paid (76,232 ) (34,154 )
Interest element of hire purchase payments
paid

(2,809

)

(5,647

)
Tax paid (190,809 ) (253,923 )
Net cash from operating activities 609,480 1,242,502

Cash flows from investing activities
Purchase of tangible fixed assets (249,288 ) (384,321 )
Interest received 206 -
Net cash from investing activities (249,082 ) (384,321 )

Cash flows from financing activities
Loan repayments in year (454,545 ) (1,469,697 )
Capital repayments in year (43,159 ) (83,100 )
Amount introduced by directors - 3,681
Amount withdrawn by directors (7,349 ) -
Share issue (25 ) -
Share buy back (50,000 ) -
Government grants received - 50,408
Increase in invoice financing 871,329 1,100,301
Increase in credit card financing 17,935 22,257
Equity dividends paid (654,492 ) (484,512 )
Net cash from financing activities (320,306 ) (860,662 )

Increase/(decrease) in cash and cash equivalents 40,092 (2,481 )
Cash and cash equivalents at beginning
of year

2

(10,484

)

(8,003

)

Cash and cash equivalents at end of
year

2

29,608

(10,484

)

PHASE ELECTRICAL DISTRIBUTORS LIMITED (REGISTERED NUMBER: 04424536)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.3.23 31.3.22
£    £   
Profit before taxation 1,250,638 1,306,607
Depreciation charges 230,450 237,627
Government grants - (56,395 )
Finance costs 79,041 45,788
Finance income (206 ) -
1,559,923 1,533,627
Increase in stocks (357,419 ) (794,731 )
Increase in trade and other debtors (449,116 ) (422,901 )
Increase in trade and other creditors 125,942 1,220,231
Cash generated from operations 879,330 1,536,226

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 29,608 7,715
Bank overdrafts - (18,199 )
29,608 (10,484 )
Year ended 31 March 2022
31.3.22 1.4.21
£    £   
Cash and cash equivalents 7,715 16,955
Bank overdrafts (18,199 ) (24,958 )
(10,484 ) (8,003 )


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.22 Cash flow At 31.3.23
£    £    £   
Net cash
Cash at bank and in hand 7,715 21,893 29,608
Bank overdrafts (18,199 ) 18,199 -
(10,484 ) 40,092 29,608
Debt
Finance leases (75,181 ) 43,159 (32,022 )
Debts falling due within 1 year (454,545 ) 378,787 (75,758 )
Debts falling due after 1 year (75,758 ) 75,758 -
(605,484 ) 497,704 (107,780 )
Total (615,968 ) 537,796 (78,172 )

PHASE ELECTRICAL DISTRIBUTORS LIMITED (REGISTERED NUMBER: 04424536)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Phase Electrical Distributors 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 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.

The operating and presentation currencies are both GBP (£).

Going concern
In preparing the financial statements, the directors are required to make an assessment of the ability of the company to continue as a going concern. The directors have prepared budgets and cash flow forecasts for the company.

On the basis of these forecasts and the fact that the company has a good level of net current assets and net assets, the directors are confident that the company has adequate resources to continue in operational existence and to meet its liabilities as they fall due for the foreseeable future. In reaching this conclusion they are satisfied that no material uncertainty exists. As a result of the above, the directors have concluded that it remains appropriate to adopt a going concern basis of preparation in these financial statements and that no material uncertainty exists in reaching this conclusion.

Changes in accounting policies
There have been no changes in accounting policies.

Turnover
Turnover represents net invoiced sales of electrical parts and equipment and is stated after trade discounts, incentives, rebates and excluding value added tax. Revenue is recognised on despatch of goods to the customer.

Intangible assets
These represent the company's development of a sales website and an electronic stock control system. In addition, the company is now developing a new sales software system.

Once operational, the company is amortizing intangible assets over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost (net of discounts received) and net realisable value, after making due allowance for obsolete and slow moving stock.

PHASE ELECTRICAL DISTRIBUTORS LIMITED (REGISTERED NUMBER: 04424536)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts are shown within borrowings in current liabilities.

Impairment of financial assets
Financial asset, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

PHASE ELECTRICAL DISTRIBUTORS LIMITED (REGISTERED NUMBER: 04424536)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Invoice financing
The company's trade debts are factored with HSBC Invoice Financing although the company retains all significant benefits and risks in respect of these. The trade debts of the company are disclosed within current assets and the amount advanced by HSBC is shown within other creditors. Charges associated with this facility are charged to the profit and loss account for the relevant period.

Employee benefits
The cost of short-term employee benefits are recognised as a liability and an expenses.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. TURNOVER

All turnover was generated from the company's sole class of business and almost exclusively within the UK.

4. OTHER OPERATING INCOME

The entity has received the following from the UK government in respect of COVID 19 grants and reliefs:

31.3.2331.3.22
£ £
Coronavirus Job retention Scheme (CJRS)-50,408
Small Business Grant Fund--
Interest settlement in respect of the Coronavirus Business Interruption Loan
Scheme (CBILS)

-


5,987
-56,395

5. EMPLOYEES AND DIRECTORS
31.3.23 31.3.22
£    £   
Wages and salaries 2,310,850 2,124,786
Social security costs 236,330 200,289
Other pension costs 71,969 59,867
2,619,149 2,384,942

PHASE ELECTRICAL DISTRIBUTORS LIMITED (REGISTERED NUMBER: 04424536)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.3.23 31.3.22

Head Office Staff 22 22
Warehouse/Branch Staff 65 61
87 83

31.3.23 31.3.22
£    £   
Directors' remuneration 49,167 69,353

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

6. OPERATING PROFIT

The operating profit is stated after charging:

31.3.23 31.3.22
£    £   
Other operating leases 102,752 94,478
Depreciation - owned assets 159,976 150,548
Depreciation - assets on hire purchase contracts 16,383 33,185
Development costs amortisation 42,762 42,762
Website development costs amortisation 11,133 11,133
Auditors' remuneration 20,475 19,088
Auditors' remuneration for non audit work 39,127 35,811
Rent 299,878 257,639

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.23 31.3.22
£    £   
Bank loan interest 16,975 32,318
Factoring interest charges 59,257 7,823
Hire purchase 2,809 5,647
79,041 45,788

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.23 31.3.22
£    £   
Current tax:
UK corporation tax 223,898 193,090

Deferred tax 51,253 44,612
Tax on profit 275,151 237,702

PHASE ELECTRICAL DISTRIBUTORS LIMITED (REGISTERED NUMBER: 04424536)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.23 31.3.22
£    £   
Profit before tax 1,250,638 1,306,607
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

237,621

248,255

Effects of:
Expenses not deductible for tax purposes 3,857 8,885
Capital allowances in excess of depreciation (17,580 ) (66,330 )
Adjustments to tax charge in respect of previous periods - 2,280
Deferred tax movement 51,253 44,612



Total tax charge 275,151 237,702

Tax effects relating to effects of other comprehensive income

31.3.23
Gross Tax Net
£    £    £   
Share buy back (49,975 ) - (49,975 )

31.3.22
Gross Tax Net
£    £    £   
Share buy back

9. DIVIDENDS

31.3.2331.3.22
££

Ordinary A shares of £1 each - interim348,000348,000
Ordinary B shares of £1 each - interim236,43268,952
Ordinary C shares of £1 each - interim37,54035,040
Ordinary E shares of £1 each - interim32,52032,520
654,492484,512

PHASE ELECTRICAL DISTRIBUTORS LIMITED (REGISTERED NUMBER: 04424536)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

10. INTANGIBLE FIXED ASSETS
Website
Development development
costs costs Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 213,812 55,667 269,479
AMORTISATION
At 1 April 2022 118,785 33,399 152,184
Amortisation for year 42,762 11,133 53,895
At 31 March 2023 161,547 44,532 206,079
NET BOOK VALUE
At 31 March 2023 52,265 11,135 63,400
At 31 March 2022 95,027 22,268 117,295

11. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2022 - 67,421 804,064
Additions 76,907 7,515 38,913
At 31 March 2023 76,907 74,936 842,977
DEPRECIATION
At 1 April 2022 - 40,007 448,389
Charge for year 9,595 7,917 75,363
At 31 March 2023 9,595 47,924 523,752
NET BOOK VALUE
At 31 March 2023 67,312 27,012 319,225
At 31 March 2022 - 27,414 355,675

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2022 588,738 390,934 1,851,157
Additions 102,010 23,943 249,288
At 31 March 2023 690,748 414,877 2,100,445
DEPRECIATION
At 1 April 2022 364,128 340,192 1,192,716
Charge for year 54,179 29,305 176,359
At 31 March 2023 418,307 369,497 1,369,075
NET BOOK VALUE
At 31 March 2023 272,441 45,380 731,370
At 31 March 2022 224,610 50,742 658,441

PHASE ELECTRICAL DISTRIBUTORS LIMITED (REGISTERED NUMBER: 04424536)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

11. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2022 203,070
Transfer to ownership (115,695 )
At 31 March 2023 87,375
DEPRECIATION
At 1 April 2022 62,134
Charge for year 16,383
Transfer to ownership (40,291 )
At 31 March 2023 38,226
NET BOOK VALUE
At 31 March 2023 49,149
At 31 March 2022 140,936

12. STOCKS
31.3.23 31.3.22
£    £   
Stock in transit 68,691 204,871
Finished goods 3,389,777 2,896,178
3,458,468 3,101,049

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 4,259,435 3,890,522
Other debtors 804,459 717,116
Prepayments 181,269 188,409
5,245,163 4,796,047

The company's trade debts are factored with HSBC Invoice Financing although the company retains all significant benefits and risks in respect of these.

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts (see note 16) 75,758 472,744
Hire purchase contracts (see note 17) 29,392 42,995
Trade creditors 3,989,002 4,050,323
Tax 223,899 190,810
VAT 232,300 155,886
Other creditors 2,056,828 1,165,891
Directors' current accounts 33,545 40,894
Accrued expenses 472,367 363,019
7,113,091 6,482,562

PHASE ELECTRICAL DISTRIBUTORS LIMITED (REGISTERED NUMBER: 04424536)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans (see note 16) - 75,758
Hire purchase contracts (see note 17) 2,630 32,186
2,630 107,944

16. LOANS

An analysis of the maturity of loans is given below:

31.3.23 31.3.22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 18,199
Bank loans 75,758 454,545
75,758 472,744

Amounts falling due between one and two years:
Bank loans - 1-2 years - 75,758

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.23 31.3.22
£    £   
Gross obligations repayable:
Within one year 30,437 45,901
Between one and five years 2,642 33,242
33,079 79,143

Finance charges repayable:
Within one year 1,045 2,906
Between one and five years 12 1,056
1,057 3,962

Net obligations repayable:
Within one year 29,392 42,995
Between one and five years 2,630 32,186
32,022 75,181

Non-cancellable operating leases
31.3.23 31.3.22
£    £   
Within one year 310,162 330,163
Between one and five years 715,300 691,663
In more than five years 548,198 673,650
1,573,660 1,695,476

PHASE ELECTRICAL DISTRIBUTORS LIMITED (REGISTERED NUMBER: 04424536)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

18. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank overdraft - 18,199
Advances for invoice financing 1,971,630 1,100,301
1,971,630 1,118,500

The company's bankers, HSBC plc, hold a fixed and floating charge, dated 4th September 2003, over all property and assets of the company, both current and future.

HSBC plc also hold a contract monies charge dated 18 March 2013.

HSBC Invoice Finance (UK) Limited, hold a floating charge, dated 13 November 2009, over all of the assets of the company.

HSBC Invoice Finance (UK) Limited also hold a fixed charge on purchased debts that fail to vest, dated 5 May 2004.

Industrial Property Investment Fund, hold a lease charge, dated 1 September 2005, for the sum of £7,864.

19. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
£    £   
Deferred tax
Accelerated capital allowances 198,012 146,760

Deferred
tax
£   
Balance at 1 April 2022 146,760
Accelerated capital allowances 51,252
Balance at 31 March 2023 198,012

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
4,000 Ordinary A £1 4,000 4,000
28 Ordinary B £1 28 53
25 Ordinary C £1 25 25
25 Ordinary E £1 25 25
4,078 4,103

During the year, the company redeemed 25 ordinary B shares at a cost of £50,000. This transaction is shown within the other comprehensive loss on the statement of comprehensive income on page 8 of these financial statements.

21. RELATED PARTY DISCLOSURES

PHASE ELECTRICAL DISTRIBUTORS LIMITED (REGISTERED NUMBER: 04424536)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

21. RELATED PARTY DISCLOSURES - continued

Key management personnel of the entity or its parent (in the aggregate)
31.3.23 31.3.22
£    £   
Total compensation paid 129,788 107,625
Dividends paid to directors and other key management personnel. 477,168 445,560
Amounts due to related parties (33,545 ) (40,894 )

Other related parties
31.3.23 31.3.22
£    £   
Rentals paid to Mars Pension Trustees Limited for use of commercial
property.

22,500

36,333
Dividends 177,324 36,432

22. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.