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Registration number: 04158516

In Phase International Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

In Phase International Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

In Phase International Limited

Company Information

Directors

Mr BS Digva

Mr KS Digva

Mr SS Digva

Company secretary

Mr SS Digva

Registered office

DB House
Rani Drive
Nottingham
Nottinghamshire
NG5 1RF

Accountants

RWB CA Limited
Northgate House
North Gate
New Basford
Nottingham
NG7 7BQ

 

In Phase International Limited

(Registration number: 04158516)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

147,365

262,511

Current assets

 

Stocks

2,301,630

2,518,248

Debtors

5

6,168,014

3,797,913

Cash at bank and in hand

 

615,472

720,447

 

9,085,116

7,036,608

Creditors: Amounts falling due within one year

6

(4,127,687)

(3,279,051)

Net current assets

 

4,957,429

3,757,557

Total assets less current liabilities

 

5,104,794

4,020,068

Creditors: Amounts falling due after more than one year

6

(392,519)

(221,431)

Net assets

 

4,712,275

3,798,637

Capital and reserves

 

Called up share capital

6,000

6,000

Retained earnings

4,706,275

3,792,637

Shareholders' funds

 

4,712,275

3,798,637

 

In Phase International Limited

(Registration number: 04158516)
Balance Sheet as at 30 June 2023

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 January 2024 and signed on its behalf by:
 

.........................................

Mr SS Digva
Company secretary and director

 

In Phase International Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
DB House
Rani Drive
Nottingham
Nottinghamshire
NG5 1RF

These financial statements were authorised for issue by the Board on 15 January 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

In Phase International Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

10% straight line

Fixtures and fittings

25% staight line

Motor vehicles

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

In Phase International Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

In Phase International Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 44 (2022 - 39).

 

In Phase International Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022

652,235

621,394

1,273,629

Additions

-

3,978

3,978

Disposals

-

(155,094)

(155,094)

At 30 June 2023

652,235

470,278

1,122,513

Depreciation

At 1 July 2022

524,437

486,681

1,011,118

Charge for the year

17,877

20,955

38,832

Eliminated on disposal

-

(74,802)

(74,802)

At 30 June 2023

542,314

432,834

975,148

Carrying amount

At 30 June 2023

109,921

37,444

147,365

At 30 June 2022

127,798

134,713

262,511

Included within the net book value of land and buildings above is £109,921 (2022 - £127,798) in respect of short leasehold land and buildings.
 

 

In Phase International Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Debtors

2023
£

2022
£

Trade debtors

2,307,567

1,383,369

Prepayments

539,164

58,900

Other debtors

3,321,283

2,355,644

6,168,014

3,797,913

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

709,983

670,223

Trade creditors

 

1,198,142

1,077,088

Taxation and social security

 

547,853

401,493

Accruals and deferred income

 

8,351

8,675

Other creditors

 

1,663,358

1,121,572

 

4,127,687

3,279,051

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

392,519

221,431

 

In Phase International Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

199,999

583,333

Bank overdrafts

65,798

-

Finance lease liabilities

12,247

49,437

Other borrowings

431,939

37,453

709,983

670,223

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

383,334

199,999

Finance lease liabilities

9,185

21,432

392,519

221,431

Secured Liabilities

The bank loan of £583,333 (2022: £783,333) is secured by a debenture over the company's assets. Finance leases of £23,379 (2022: £70,868) are secured over the assets to which they relate.

8

Related party transactions

Included within other debtors are the following balances, in respect of companies which are related by virtue of common ownership and directorships:

As at 30 June 2023 £50,000 (2022: £50,000) was owed from Chartwell Properties.

As at 30 June 2023 £194,954 (2022: £188,654) was owed from WSD 1 Limited.

As at 30 June 2023 £463,000 (2022: £283,000) was owed from WSD Property Holdings LLP.

Included within other creditors is the following balance, in respect of a company which is related by virtue of common ownership and directorship:

As at 30 June 2023 £1,345,557 (2022: £1,018,214) was owed to Space Data Centres Ltd.

As at 30 June 2023 £165,195 (2022: £89,962) was owed to Superfi Ltd.