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REGISTERED NUMBER: SC723969 (Scotland)















Unaudited Financial Statements For The Year Ended 31 January 2024

for

Phone First Group Ltd

Phone First Group Ltd (Registered number: SC723969)






Contents of the Financial Statements
For The Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Phone First Group Ltd

Company Information
For The Year Ended 31 January 2024







DIRECTOR: A Singh





REGISTERED OFFICE: 91 Commerce Street
Glasgow
G5 8EP





REGISTERED NUMBER: SC723969 (Scotland)





ACCOUNTANTS: Ahmad & Nabi Mcmullan
95-107 Lancefield Street
Glasgow
Lanarkshire
G3 8HZ

Phone First Group Ltd (Registered number: SC723969)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £   
CURRENT ASSETS
Stocks 220,000 45,600
Cash at bank and in hand 47,709 53,968
267,709 99,568
CREDITORS
Amounts falling due within one year 4 141,183 37,541
NET CURRENT ASSETS 126,526 62,027
TOTAL ASSETS LESS CURRENT
LIABILITIES

126,526

62,027

CAPITAL AND RESERVES
Called up share capital 5 1 1
Retained earnings 6 126,525 62,026
SHAREHOLDERS' FUNDS 126,526 62,027

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 March 2024 and were signed by:





A Singh - Director


Phone First Group Ltd (Registered number: SC723969)

Notes to the Financial Statements
For The Year Ended 31 January 2024

1. STATUTORY INFORMATION

Phone First Group Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 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 reversed 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.

Pension costs and other post-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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 3 ) .

Phone First Group Ltd (Registered number: SC723969)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2024

4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade creditors - 1,246
Pension creditors 321 203
Wages creditors 7,425 3,235
Tax 29,483 14,577
Social security and other taxes 1,087 587
VAT 2,858 11,168
Directors' current accounts 97,585 5,085
Accrued expenses 2,424 1,440
141,183 37,541

5. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31.1.24 31.1.23
value: £    £   
1 Ordinary £1.00 1 1

6. RESERVES
Retained
earnings
£   

At 1 February 2023 62,026
Profit for the year 77,899
Dividends (13,400 )
At 31 January 2024 126,525