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COMPANY REGISTRATION NUMBER: SC312016
Phrasers Limited
Filleted Unaudited Abridged Financial Statements
30 April 2023
Phrasers Limited
Abridged Financial Statements
Year ended 30 April 2023
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
Phrasers Limited
Abridged Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
479,940
381,437
Current assets
Stocks
3,858
Debtors
7
113,632
137,919
Cash at bank and in hand
32,644
38,994
---------
---------
146,276
180,771
Creditors: amounts falling due within one year
213,247
75,624
---------
---------
Net current (liabilities)/assets
( 66,971)
105,147
---------
---------
Total assets less current liabilities
412,969
486,584
Provisions for liabilities
Taxation including deferred tax
5,057
---------
---------
Net assets
412,969
481,527
---------
---------
Phrasers Limited
Abridged Statement of Financial Position (continued)
30 April 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
412,869
481,427
---------
---------
Shareholders funds
412,969
481,527
---------
---------
These abridged 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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 30 April 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 abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 April 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 7 November 2023 , and are signed on behalf of the board by:
Mr R. I Fraser
Director
Company registration number: SC312016
Phrasers Limited
Notes to the Abridged Financial Statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Easter Cottage, Orchil Road, Auchterarder, Perthshire, PH3 1NB, Scotland.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has assessed that the company has adequate resources to meet the ongoing costs of the business for the foreseeable future. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor Vehicles
-
20% reducing balance
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tax on loss
Major components of tax income
2023
2022
£
£
Deferred tax:
Origination and reversal of timing differences
( 5,057)
( 6,915)
-------
-------
Tax on loss
( 5,057)
( 6,915)
-------
-------
6. Tangible assets
£
Cost
At 1 May 2022
704,991
Additions
275,123
Disposals
( 19,817)
---------
At 30 April 2023
960,297
---------
Depreciation
At 1 May 2022
323,554
Charge for the year
169,833
Disposals
( 13,030)
---------
At 30 April 2023
480,357
---------
Carrying amount
At 30 April 2023
479,940
---------
At 30 April 2022
381,437
---------
7. Debtors
Debtors include amounts of £54,103 (2022: £43,174) falling due after more than one year.
8. Deferred tax
The deferred tax included in the abridged statement of financial position is as follows:
2023
2022
£
£
Included in provisions for liabilities
5,057
----
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
5,057
----
-------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
2,613
1,893
Later than 1 year and not later than 5 years
5,879
-------
-------
2,613
7,772
-------
-------
11. Director's advances, credits and guarantees
T he company was under the control of Mr Fraser throughout the current year. Mr Fraser is the company director and operates a loan account with the company. At the balance sheet date the company was due to repay Mr Fraser £211,127 (2022 - £69,859). The loan is interest free, unsecured, and there is no fixed repayment date. During the year, dividends of £1,000 (2022 - £2,000) were paid to Mr Fraser.