64 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 145,604 117,504 20,008 137,512 8,092 28,100 xbrli:pure xbrli:shares iso4217:GBP 05088310 2022-04-01 2023-03-31 05088310 2023-03-31 05088310 2022-03-31 05088310 2021-04-01 2022-03-31 05088310 2022-03-31 05088310 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-04-01 2023-03-31 05088310 core:FurnitureFittings 2022-04-01 2023-03-31 05088310 core:MotorVehicles 2022-04-01 2023-03-31 05088310 bus:Director1 2022-04-01 2023-03-31 05088310 core:WithinOneYear 2023-03-31 05088310 core:WithinOneYear 2022-03-31 05088310 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-31 05088310 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 05088310 core:FurnitureFittings 2022-03-31 05088310 core:MotorVehicles 2022-03-31 05088310 core:FurnitureFittings 2023-03-31 05088310 core:MotorVehicles 2023-03-31 05088310 core:AfterOneYear 2023-03-31 05088310 core:AfterOneYear 2022-03-31 05088310 core:ShareCapital 2023-03-31 05088310 core:ShareCapital 2022-03-31 05088310 core:RetainedEarningsAccumulatedLosses 2023-03-31 05088310 core:RetainedEarningsAccumulatedLosses 2022-03-31 05088310 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-31 05088310 core:FurnitureFittings 2022-03-31 05088310 core:MotorVehicles 2022-03-31 05088310 bus:Director1 2022-03-31 05088310 bus:Director1 2023-03-31 05088310 bus:Director1 2021-03-31 05088310 bus:Director1 2022-03-31 05088310 bus:Director1 2021-04-01 2022-03-31 05088310 bus:SmallEntities 2022-04-01 2023-03-31 05088310 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 05088310 bus:FullAccounts 2022-04-01 2023-03-31 05088310 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 05088310 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05088310 core:ComputerEquipment 2022-04-01 2023-03-31 05088310 core:ComputerEquipment 2022-03-31 05088310 core:ComputerEquipment 2023-03-31
COMPANY REGISTRATION NUMBER: 05088310
Ph Creative
Filleted Unaudited Financial Statements
31 March 2023
Ph Creative
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
8,092
28,100
Tangible assets
6
50,282
76,924
--------
---------
58,374
105,024
Current assets
Debtors
7
2,085,594
2,187,032
Cash at bank and in hand
174,092
848,024
------------
------------
2,259,686
3,035,056
Creditors: amounts falling due within one year
8
2,184,081
2,608,580
------------
------------
Net current assets
75,605
426,476
---------
---------
Total assets less current liabilities
133,979
531,500
Creditors: amounts falling due after more than one year
9
374,876
455,979
---------
---------
Net (liabilities)/assets
( 240,897)
75,521
---------
---------
Capital and reserves
Called up share capital
300,001
300,001
Profit and loss account
( 540,898)
( 224,480)
---------
---------
Shareholders (deficit)/funds
( 240,897)
75,521
---------
---------
These 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 statement of income and retained earnings has not been delivered.
For the year ending 31 March 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 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 financial statements .
Ph Creative
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 2 November 2023 , and are signed on behalf of the board by:
Mr B Adams
Director
Company registration number: 05088310
Ph Creative
Notes to the Financial Statements
Year ended 31 March 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 1st Floor Queens Insurance Building, 24 Queen Avenue, Liverpool, L2 4TZ.
2. Statement of compliance
These 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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Intangible Developed Software
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
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:
Fixtures & Fittings
-
33% straight line
Motor Vehicles
-
25% straight line
Equipment
-
33% 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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 64 (2022: 51 ).
5. Intangible assets
Development costs
£
Cost
At 1 April 2022 and 31 March 2023
145,604
---------
Amortisation
At 1 April 2022
117,504
Charge for the year
20,008
---------
At 31 March 2023
137,512
---------
Carrying amount
At 31 March 2023
8,092
---------
At 31 March 2022
28,100
---------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2022
70,692
62,130
445,554
578,376
Additions
28,436
28,436
--------
--------
---------
---------
At 31 March 2023
70,692
62,130
473,990
606,812
--------
--------
---------
---------
Depreciation
At 1 April 2022
50,142
42,543
408,767
501,452
Charge for the year
4,236
6,185
44,657
55,078
--------
--------
---------
---------
At 31 March 2023
54,378
48,728
453,424
556,530
--------
--------
---------
---------
Carrying amount
At 31 March 2023
16,314
13,402
20,566
50,282
--------
--------
---------
---------
At 31 March 2022
20,550
19,587
36,787
76,924
--------
--------
---------
---------
7. Debtors
2023
2022
£
£
Trade debtors
381,316
790,515
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,223,532
1,081,480
Other debtors
480,746
315,037
------------
------------
2,085,594
2,187,032
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
100,000
100,000
Trade creditors
242,103
322,777
Amounts owed to group undertakings
174,561
220,426
Accruals and deferred income
142,832
196,849
Social security and other taxes
664,126
444,184
Obligations under finance leases and hire purchase contracts
7,120
7,120
Other creditors
853,339
1,317,224
------------
------------
2,184,081
2,608,580
------------
------------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
367,500
442,500
Obligations under finance leases and hire purchase contracts
7,376
13,479
---------
---------
374,876
455,979
---------
---------
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr B Adams
1,658
15,626
( 9,267)
8,017
-------
--------
-------
-------
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr B Adams
2,258
( 600)
1,658
-------
----
----
-------