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COMPANY REGISTRATION NUMBER: 11631991
Phacetime Limited
Filleted Unaudited Abridged Financial Statements
30 June 2023
Phacetime Limited
Abridged Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
261
522
Current assets
Debtors
2,829
1,599
Cash at bank and in hand
2,715
1,872
-------
-------
5,544
3,471
Creditors: amounts falling due within one year
4,907
3,578
-------
-------
Net current assets/(liabilities)
637
( 107)
----
----
Total assets less current liabilities
898
415
----
----
Net assets
898
415
----
----
Capital and reserves
Called up share capital
100
100
Profit and loss account
798
315
----
----
Shareholders funds
898
415
----
----
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 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their 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 June 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Phacetime Limited
Abridged Statement of Financial Position (continued)
30 June 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 31 October 2023 , and are signed on behalf of the board by:
Mr P T O'Brien
Mrs H C O'Brien
Director
Director
Company registration number: 11631991
Phacetime Limited
Notes to the Abridged Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 92B King Street, Knutsford, Cheshire, WA16 6ED, England.
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.
Revenue recognition
Turnover represents net invoiced fees and expenses recovered excluding Value Added Tax. Turnover is recognised on a strict time basis when the unconditional right to consideration for work done has been earned; fees are generally invoiced on a monthly basis.
Taxation
The tax expense represents the current tax that is recognised on taxable profit for the current period. and is measured at the amounts of tax expected to be payable or recoverable using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost and are subsequently stated at cost less accumulated depreciation.
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:
Office Equipment
-
33% straight line
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
£
Cost
At 1 July 2022 and 30 June 2023
783
----
Depreciation
At 1 July 2022
261
Charge for the year
261
----
At 30 June 2023
522
----
Carrying amount
At 30 June 2023
261
----
At 30 June 2022
522
----