Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true2023-01-01falseIT services11trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11124440 2023-01-01 2023-12-31 11124440 2022-01-01 2022-12-31 11124440 2023-12-31 11124440 2022-12-31 11124440 c:Director1 2023-01-01 2023-12-31 11124440 d:OfficeEquipment 2023-01-01 2023-12-31 11124440 d:OfficeEquipment 2023-12-31 11124440 d:OfficeEquipment 2022-12-31 11124440 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11124440 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 11124440 d:ComputerEquipment 2023-01-01 2023-12-31 11124440 d:ComputerEquipment 2023-12-31 11124440 d:ComputerEquipment 2022-12-31 11124440 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11124440 d:ComputerEquipment d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 11124440 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11124440 d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 11124440 d:CurrentFinancialInstruments 2023-12-31 11124440 d:CurrentFinancialInstruments 2022-12-31 11124440 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11124440 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11124440 d:ShareCapital 2023-12-31 11124440 d:ShareCapital 2022-12-31 11124440 d:RetainedEarningsAccumulatedLosses 2023-12-31 11124440 d:RetainedEarningsAccumulatedLosses 2022-12-31 11124440 c:FRS102 2023-01-01 2023-12-31 11124440 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11124440 c:FullAccounts 2023-01-01 2023-12-31 11124440 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11124440 d:WithinOneYear 2023-12-31 11124440 d:WithinOneYear 2022-12-31 11124440 d:BetweenOneFiveYears 2023-12-31 11124440 d:BetweenOneFiveYears 2022-12-31 11124440 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-12-31 11124440 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-12-31 11124440 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 1112444011124440










PHILLIPS IT LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
PHILLIPS IT LTD
REGISTERED NUMBER: 11124440

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,779
3,144

Current assets
  

Debtors: amounts falling due within one year
 5 
5,081
7,878

Cash at bank and in hand
  
2,016
3,882

  
7,097
11,760

Creditors: amounts falling due within one year
 6 
(11,794)
(13,507)

Net current liabilities
  
 
 
(4,697)
 
 
(1,747)

Total assets less current liabilities
  
82
1,397

  

Net assets
  
82
1,397


Capital and reserves
  

Called up share capital 
  
20
20

Profit and loss account
  
62
1,377

  
82
1,397


Page 1

 
PHILLIPS IT LTD
REGISTERED NUMBER: 11124440
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 on 26 February 2024.




P Phillips
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
PHILLIPS IT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Phillips IT Ltd is a private Company limited by shares, incorporated in England and Wales (registered number: 11124440). Its registered office is 9 Princess Street, Brimington, Chesterfield, S43 1HP. The principal activity of the Company throughout the year continued to be that of IT services. 

2.Accounting policies

 
2.1

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 Company's functional and presentation currency is pounds sterling. 

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight-line basis over the lease term.

Page 3

 
PHILLIPS IT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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, as follows. 

The depreciation rates used are:

Office equipment
-
25%
Reducing balance
Computer equipment
-
25%
Reducing balance

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 the Statement of Income and Retained Earnings. 

 
2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Page 4

 
PHILLIPS IT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Taxation

Tax is recognised in the Statement of Income and Retained Earnings.
The current 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.


3.


Employees

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


Page 5

 
PHILLIPS IT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
839
5,500
6,339


Additions
-
3,137
3,137



At 31 December 2023

839
8,637
9,476



Depreciation


At 1 January 2023
227
2,968
3,195


Charge for the year on owned assets
153
765
918


Charge for the year on financed assets
-
584
584



At 31 December 2023

380
4,317
4,697



Net book value



At 31 December 2023
459
4,320
4,779



At 31 December 2022
612
2,532
3,144

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Computer equipment
1,752
-

Page 6

 
PHILLIPS IT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
1,802
6,258

Other debtors
281
-

Prepayments
2,998
1,620

5,081
7,878



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
2,501
6,116

Corporation tax
5,744
5,141

Other taxation and social security
2,001
1,800

Hire purchase contracts
1,448
-

Other creditors
100
450

11,794
13,507



7.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
6,261
1,632

Later than 1 year and not later than 5 years
9,745
1,637

16,006
3,269

 
Page 7