Phase Two Artists Limited


FINANCIAL STATEMENTS


for the year ended 31st May 2023



Phase Two Artists Limited

CONTENTS

for the year ended 31st May 2023







The Accounts are comprised of the following:

Statement of Financial Position

Notes to the Accounts



Please note that the Accounts comprise of HTML and iXBRL source code and that this is a printed or visual representation of that source code some of which will not be displayed or printed.

Phase Two Artists Limited

Company No. 07264558

STATEMENT OF FINANCIAL POSITION

as at 31st May 2023

20232022
Note£££
FIXED ASSETS
Property, plant and equipment45643554424
5643554424
CURRENT ASSETS
Stocks54682127
Debtors6-1546
46821673
CURRENT LIABILITIES
Creditors: amounts falling due
within one year75107446222
NET CURRENT LIABILITIES(46392)(44549)
TOTAL ASSETS LESS CURRENT LIABILITIES100439875
 
Creditors: amounts falling due
after more than one year81000012000
 
NET ASSETS43(2125)
 
CAPITAL AND RESERVES
Called up share capital11
Retained earnings42(2126)
SHAREHOLDERS FUNDS43(2125)

The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies which are subject to the small companies' regime. The Income Statement has not been delivered to the Registrar of Companies.

For the year ended 31st May 2023 the Company is entitled to the exemption from the requirement to obtain an audit conferred by section 477 of the Companies Act 2006 and the members have not required the company to obtain an audit in accordance with section 476 of the Act.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the Board on 7 February 2024


R Pearman

Director

Company Number 07264558 (England)

Phase Two Artists Limited

NOTES TO THE ACCOUNTS

for the year ended 31st May 2023


1   Statutory information

Phase Two Artists Limited is a private company limited by shares and registered under company number 07264558 in England. Its registered office address is 12 Hatherley Road, Sidcup, Kent. DA14 4DT.

These financial statements are presented in Sterling, which is the functional currency of the company.

2   Accounting policies

Basis of preparation of financial statements

The accounts have been prepared under the historical cost convention in accordance with the accounting policies set out below, and in accordance with Financial Reporting Standard 102 Section 1A and the Companies Act 2006.

Income Recognition

Revenue is measured at the fair value of the consideration received or receivable. Turnover is shown net of value added tax, returns, rebates and discounts. Revenue is recognised for the sale of goods when the vendor has transferred the significant risks and rewards of ownership, it is possible that the economic benefit will flow to the entity and the revenue and associated costs can be reliably measured.

Depreciation

Depreciation is provided on all property, plant and equipment, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Plant, machinery and vehicles25% reducing balance

Stocks

Stocks are valued at the lower of cost and expected selling price less any costs to sell.

Leasing

Assets, obtained under hire purchase contracts and finance leases, are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight line basis.

3   Employee information

The average number of employees during the accounting period was 1 (2022 - 1).

4   Property, plant and equipment
 
Plant
and
MachineryTotal
££
Cost
At 1st June 2022 8331583315
Additions27322732
Disposals(12600)(12600)
At 31st May 20237344773447
 
Depreciation
At 1st June 2022 2889128891
Charge for year721721
On disposals(12600)(12600)
At 31st May 20231701217012
 
Net Book Value
At 31st May 20235643556435
At 31st May 20225442454424

5   Stocks20232022
££
 
Work in progress4682127
4682127

The difference between purchase price or production cost of stocks and their replacement cost is not material.


6   Debtors20232022
££
 
Trade Debtors-1546
-1546

7   Creditors: amounts falling due within one year20232022
££
 
Loans and Overdrafts51163376
Trade Creditors16611661
Corporation tax3794
Taxes and social security costs1843119078
Other creditors2429820482
Accruals and deferred income15311531
5107446222

8   Creditors: amounts falling due after one year20232022
££
 
Loans and Overdrafts1000012000
1000012000

9   Loans20232022
££
Analysis of maturity of debt:
 
Within one year24481896
Between one and five years1000012000
1244813896

10   Transactions with Directors

There were no transactions with Directors except as reflected in the Director's loan account for each Director. The closing balances of each account are as detailed below. Credit balances are shown without brackets. These balances are included in the figure for "Creditors and Accruals" in the accounts. Overdrawn balances are included in the figure for "Other Debtors".

20232022
££
 
R Pearman2101116965
2101116965

2023-05-31false2022-06-012023-05-3107264558uk-bus:Director12022-06-012023-05-3107264558uk-gaap:ShareCapital2023-05-3107264558uk-gaap:ShareCapital2022-05-3107264558uk-gaap:RetainedEarningsAccumulatedLosses2023-05-3107264558uk-gaap:RetainedEarningsAccumulatedLosses2022-05-3107264558uk-gaap:VehiclesPlantMachinery2022-06-012023-05-3107264558uk-gaap:PlantMachinery2022-05-3107264558uk-gaap:PlantMachinery2022-06-012023-05-3107264558uk-gaap:PlantMachinery2023-05-3107264558uk-gaap:WithinOneYear2023-05-3107264558uk-gaap:WithinOneYear2022-05-3107264558uk-gaap:AfterOneYear2023-05-3107264558uk-gaap:AfterOneYear2022-05-31072645582022-06-012023-05-31072645582021-06-012022-05-31072645582023-05-31072645582022-05-3107264558uk-bus:SmallEntities2022-06-012023-05-3107264558uk-bus:AuditExempt-NoAccountantsReport2022-06-012023-05-3107264558uk-bus:FullAccounts2022-06-012023-05-3107264558uk-bus:PrivateLimitedCompanyLtd2022-06-012023-05-3107264558countries:EnglandWales2022-06-012023-05-3107264558uk-bus:Director112022-05-3107264558uk-bus:Director112023-05-31iso4217:GBPxbrli:purexbrli:shares