Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.No description of principal activitytrue2022-04-01false11true 8778521 2022-04-01 2023-03-31 8778521 2021-04-01 2022-03-31 8778521 2023-03-31 8778521 2022-03-31 8778521 c:Director1 2022-04-01 2023-03-31 8778521 d:CurrentFinancialInstruments 2023-03-31 8778521 d:CurrentFinancialInstruments 2022-03-31 8778521 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 8778521 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 8778521 d:ShareCapital 2023-03-31 8778521 d:ShareCapital 2022-03-31 8778521 d:RetainedEarningsAccumulatedLosses 2023-03-31 8778521 d:RetainedEarningsAccumulatedLosses 2022-03-31 8778521 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 8778521 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-03-31 8778521 c:OrdinaryShareClass1 2022-04-01 2023-03-31 8778521 c:OrdinaryShareClass1 2023-03-31 8778521 c:OrdinaryShareClass1 2022-03-31 8778521 c:EntityNoLongerTradingButTradedInPast 2022-04-01 2023-03-31 8778521 c:FRS102 2022-04-01 2023-03-31 8778521 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 8778521 c:FullAccounts 2022-04-01 2023-03-31 8778521 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 8778521 2 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 8778521










PHLX LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023



 
PHLX LIMITED
REGISTERED NUMBER: 8778521

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
-
4,024

Cash at bank and in hand
 5 
13,826
12,999

  
13,826
17,023

Creditors: amounts falling due within one year
 6 
(14,186)
(16,916)

Net current (liabilities)/assets
  
 
 
(360)
 
 
107

Total assets less current liabilities
  
(360)
107

  

Net (liabilities)/assets
  
(360)
107


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
(460)
7

  
(360)
107


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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 income and retained earnings 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 by: 


P Cunningham
Director

Date: 25 November 2023

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
PHLX LIMITED
 

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

1.Accounting policies

 
1.1

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 Section 1A of 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:

 
1.2

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
1.3

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.

 
1.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:


The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
1.5

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.

 
1.6

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.

Page 2

 
PHLX LIMITED
 

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

1.Accounting policies (continued)

 
1.7

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.

 
1.8

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.

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.

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.

 
1.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 3

 
PHLX LIMITED
 

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

2.


General information

PHLX Limited is a limited company incorporated in England and Wales. The Company’s registered office is The Stables, Little Coldharbour Farm, Tong Lane, Lamberhurst, Tunbridge Wells, Kent, TN3 8AD.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Debtors

2023
2022
£
£


Other debtors
-
4,024



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
13,826
12,999



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Director's loan account
14,186
16,196

Other creditors
-
720

14,186
16,916



7.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
13,826
12,999




Financial assets measured at fair value through profit or loss comprise cash held.

Page 4

 
PHLX LIMITED
 

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

8.


Deferred taxation


A deferred tax asset has not been recognised on the trading losses carried forward of £467 (2022: £NIL) on the basis that it is unlikely the losses will be utilised for the foreseeable future.


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



Page 5