Company registration number 03019187 (England and Wales)
INPHASE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
INPHASE LIMITED
COMPANY INFORMATION
Directors
Mr R K Hobbs
Miss V L Keogh
Secretary
Mr R D Geary
Company number
03019187
Registered office
The Manor House Bells Hill
Stoke Poges
Slough
England
SL2 4JS
Auditor
Summers Morgan
First Floor, Sheraton House
Lower Road
Chorleywood
Hertfordshire
WD3 5LH
INPHASE LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
INPHASE LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,396
8,627
Current assets
Debtors
4
2,133,550
1,146,425
Cash at bank and in hand
1,708,281
1,379,796
3,841,831
2,526,221
Creditors: amounts falling due within one year
5
(2,167,394)
(1,778,937)
Net current assets
1,674,437
747,284
Total assets less current liabilities
1,681,833
755,911
Creditors: amounts falling due after more than one year
6
(104,223)
(154,167)
Net assets
1,577,610
601,744
Capital and reserves
Called up share capital
107
107
Profit and loss reserves
1,577,503
601,637
Total equity
1,577,610
601,744
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 31 January 2024 and are signed on its behalf by:
Mr R K Hobbs
Director
Company registration number 03019187 (England and Wales)
INPHASE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2021
107
486,873
486,980
Year ended 30 June 2022:
Profit and total comprehensive income
-
804,164
804,164
Dividends
-
(689,400)
(689,400)
Balance at 30 June 2022
107
601,637
601,744
Year ended 30 June 2023:
Profit and total comprehensive income
-
1,291,866
1,291,866
Dividends
-
(316,000)
(316,000)
Balance at 30 June 2023
107
1,577,503
1,577,610
INPHASE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information
Inphase Limited is a private company limited by shares registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
The presentation currency of the financial statements is the Pound Sterling (£).
1.1
Accounting convention
These financial statements have been prepared in accordance with Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The Financial Statements have been prepared under the historical cost convention
1.2
Turnover
Turnover represents the fair value of goods and services provided net of Value Added Tax, adjusted for deferred income.
Revenue is recognised in the accounting period to which it relates, as follows:
Licence fees, where there are no ongoing obligations or costs, are recognised in full at the contract commencement.
Licence fees with a contract in excess of 1 year are recognised in annual instalments upon presentation of the annual renewal invoice.
Fees from maintenance agreements are accrued evenly over the duration of the maintenance agreement, with a full month charge taken in the month in which the agreement commences.
Combined licence and maintenance fees with a lifespan of 12 months or less are recognised in full in the month in which the agreement commences as the element that would be carried forward to future periods is not material to report.
Consultancy fees are recognised upon delivery.
1.3
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold land and buildings
Straight line over 10 years
Fixtures and fittings
25% on reducing balance
Computers
33% on cost
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
INPHASE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reverse at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
INPHASE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. when a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
1.7
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
22
22
3
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 July 2022
4,430
19,250
39,917
63,597
Additions
2,990
2,990
At 30 June 2023
4,430
19,250
42,907
66,587
Depreciation and impairment
At 1 July 2022
1,551
13,502
39,917
54,970
Depreciation charged in the year
664
3,327
230
4,221
At 30 June 2023
2,215
16,829
40,147
59,191
Carrying amount
At 30 June 2023
2,215
2,421
2,760
7,396
At 30 June 2022
2,879
5,748
8,627
INPHASE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,971,978
989,013
Other debtors
161,572
157,412
2,133,550
1,146,425
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
50,000
50,000
Trade creditors
86,359
55,461
Corporation tax
223,070
103,929
Other taxation and social security
284,351
130,010
Other creditors
1,523,614
1,439,537
2,167,394
1,778,937
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
104,223
154,167
The company granted a fixed and floating charge over all property of the company with an interest rate of 2.28% in favour of Barclays Security Trustee Limited dated 23 June 2020. This was satisfied on 11th January 2024.
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was David Manning FCA and the auditor was Summers Morgan Chartered Accountants.
INPHASE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
400,387
466,204
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
2023
2022
£
£
Other entities under common control
20,505
-
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
93,412
93,412