Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-01-01falseNo description of principal activity45falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 06609685 2022-01-01 2022-12-31 06609685 2021-01-01 2021-12-31 06609685 2022-12-31 06609685 2021-12-31 06609685 c:CompanySecretary1 2022-01-01 2022-12-31 06609685 c:Director1 2022-01-01 2022-12-31 06609685 c:Director2 2022-01-01 2022-12-31 06609685 c:Director4 2022-01-01 2022-12-31 06609685 c:Director4 2022-12-31 06609685 c:Director7 2022-01-01 2022-12-31 06609685 c:Director7 2022-12-31 06609685 c:RegisteredOffice 2022-01-01 2022-12-31 06609685 d:FurnitureFittings 2022-01-01 2022-12-31 06609685 d:OfficeEquipment 2022-01-01 2022-12-31 06609685 d:OtherPropertyPlantEquipment 2022-01-01 2022-12-31 06609685 d:CurrentFinancialInstruments 2022-12-31 06609685 d:CurrentFinancialInstruments 2021-12-31 06609685 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 06609685 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 06609685 d:ShareCapital 2022-12-31 06609685 d:ShareCapital 2021-12-31 06609685 d:SharePremium 2022-12-31 06609685 d:SharePremium 2021-12-31 06609685 d:RetainedEarningsAccumulatedLosses 2022-12-31 06609685 d:RetainedEarningsAccumulatedLosses 2021-12-31 06609685 c:OrdinaryShareClass1 2022-01-01 2022-12-31 06609685 c:OrdinaryShareClass1 2022-12-31 06609685 c:OrdinaryShareClass1 2021-12-31 06609685 c:OrdinaryShareClass2 2022-01-01 2022-12-31 06609685 c:OrdinaryShareClass2 2022-12-31 06609685 c:OrdinaryShareClass2 2021-12-31 06609685 c:OrdinaryShareClass3 2022-01-01 2022-12-31 06609685 c:OrdinaryShareClass3 2022-12-31 06609685 c:OrdinaryShareClass3 2021-12-31 06609685 c:EntityNoLongerTradingButTradedInPast 2022-01-01 2022-12-31 06609685 c:FRS102 2022-01-01 2022-12-31 06609685 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 06609685 c:FullAccounts 2022-01-01 2022-12-31 06609685 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 06609685 4 2022-01-01 2022-12-31 06609685 6 2022-01-01 2022-12-31 06609685 e:PoundSterling 2022-01-01 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 06609685










PHI PARTNERS GLOBAL LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022




















 
PHI PARTNERS GLOBAL LIMITED
 
 
Company Information


Directors
D Stockdale 
S Wadhar 
W R Bodilly (resigned 12 December 2022)
D Uwe Apel (resigned 12 December 2022)




Company secretary
S Wadhar



Registered number
06609685



Registered office
3rd Floor
12 Gough Square

London

EC4A 3DW





 
PHI PARTNERS GLOBAL LIMITED
Registered number: 06609685

Balance sheet
As at 31 December 2022

2022
2021
Note
£
£

  

Current assets
  

Debtors
 5 
53,468
56,945

Cash at bank and in hand
 6 
6,157
29,502

  
59,625
86,447

Creditors: amounts falling due within one year
 7 
(26,399)
(56,530)

Net current assets
  
 
 
33,226
 
 
29,917

Total assets less current liabilities
  
33,226
29,917

  

Net assets
  
33,226
29,917


Capital and reserves
  

Called up share capital 
 8 
3,114
3,114

Share premium account
  
1,107,547
1,107,547

Profit and loss account
  
(1,077,435)
(1,080,744)

  
33,226
29,917


The directors consider 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 directors acknowledge their 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 Profit and loss account 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 15 March 2024.


S Wadhar
Director

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
PHI PARTNERS GLOBAL LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2022

1.


General information

Phi Partners Global Limited is a private limited company, incorporated in the United Kingdom and registered in England and Wales. The company's registered office is 3rd Floor, 12 Gough Square, London, EC4A 3DW.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

These financial statements have been prepared on a basis other than that of a going concern because on 9 July 2021 the company transferred its business and assets, including intellectual property, to Phi Partners International Limited as a going concern for fair value consideration and then subsequently ceased to trade.

 
2.4

Turnover

Turnover 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. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes for services undertaken in the provision of recruitment consultancy services. This broadly consists of turnover from contractors, representing fees received and receivable for the services of contractors including the cost of these contractors, being recognised when the service has been provided.
In the supply of contractors the company operates as an agency and not in a principal capacity. As such, it does not bear the risks and rewards of the income derived from placements, and accordingly it recognises only commission or margin within turnover. 
Turnover not invoiced at the year end is included within accrued income. 

Page 2

 
PHI PARTNERS GLOBAL LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2022

2.Accounting policies (continued)

 
2.5

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.

Depreciation is provided on the following basis:

Fixtures & fittings
-
33% reducing balance
Office equipment
-
33% reducing balance
Computer software
-
33% straight line

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 profit or loss.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 3

 
PHI PARTNERS GLOBAL LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2022

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Page 4

 
PHI PARTNERS GLOBAL LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2022

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.11

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 5

 
PHI PARTNERS GLOBAL LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2022

2.Accounting policies (continued)

 
2.12

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.13

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.14

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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.

 
2.15

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2021 - 5).

Page 6

 
PHI PARTNERS GLOBAL LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2022

4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2022
1,000



At 31 December 2022

1,000



Impairment


At 1 January 2022
1,000



At 31 December 2022

1,000



Net book value



At 31 December 2022
-



At 31 December 2021
-


5.


Debtors

2022
2021
£
£



Other debtors
53,468
56,945

53,468
56,945



6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
6,157
29,502

6,157
29,502


Page 7

 
PHI PARTNERS GLOBAL LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2022

7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
19,007
10,806

Other taxation and social security
-
3,713

Other creditors
5,392
27,727

Accruals and deferred income
2,000
14,284

26,399
56,530



8.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



900 (2021 - 900) Ordinary 'A' shares of £1.00 each
900
900
1,862 (2021 - 1,862) Ordinary 'B' shares of £1.00 each
1,862
1,862
352 (2021 - 352) Ordinary 'C' shares of £1.00 each
352
352

3,114

3,114



9.


Related party transactions

The Company operates a director's current account with Mr D Stockdale. At the balance sheet date the Company was owed £5,837 from Mr D Stockdale (2021: £739 owed to Mr D Stockdale). The loan is repayable on demand. 
The company has adopted the exemption permitted by paragraph 33.1A of FRS102 and has not disclosed transactions with other group members, where the group members are wholly owned.

 
Page 8