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Company Registration No. 09808170 (England and Wales)
PHRISM SOLUTIONS LTD Unaudited Financial Statements for the year ended 31 October 2023
PHRISM SOLUTIONS LTD Unaudited Financial Statements Contents
Page
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PHRISM SOLUTIONS LTD Company Information for the year ended 31 October 2023
Directors
Muneer Basha KAREEN NAZEER BASHA Ashia Sultana MUNEER BASHA
Company Number
09808170 (England and Wales)
Registered Office
16 STONELEIGH COURT FRIMLEY CAMBERLEY GU16 8XH ENGLAND
Accountants
Zeal Resolution LTD 234 Uxbridge Road Hampton Hill Hampton Middlesex TW12 1AY
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PHRISM SOLUTIONS LTD Statement of financial position as at 31 October 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
5,954 
5,199 
Current assets
Debtors
421,718 
252,455 
Cash at bank and in hand
1,336,016 
527,619 
1,757,734 
780,074 
Creditors: amounts falling due within one year
(871,768)
(436,121)
Net current assets
885,966 
343,953 
Net assets
891,920 
349,152 
Capital and reserves
Called up share capital
203 
200 
Share premium
700 
- 
Profit and loss account
891,017 
348,952 
Shareholders' funds
891,920 
349,152 
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by
Muneer Basha KAREEN NAZEER BASHA Director Company Registration No. 09808170
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PHRISM SOLUTIONS LTD Notes to the Accounts for the year ended 31 October 2023
1
Statutory information
PHRISM SOLUTIONS LTD is a private company, limited by shares, registered in England and Wales, registration number 09808170. The registered office is 16 STONELEIGH COURT, FRIMLEY, CAMBERLEY, GU16 8XH, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
25% Straight line
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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PHRISM SOLUTIONS LTD Notes to the Accounts for the year ended 31 October 2023
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
4
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 1 November 2022
7,923 
Additions
2,905 
At 31 October 2023
10,828 
Depreciation
At 1 November 2022
2,724 
Charge for the year
2,150 
At 31 October 2023
4,874 
Net book value
At 31 October 2023
5,954 
At 31 October 2022
5,199 
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PHRISM SOLUTIONS LTD Notes to the Accounts for the year ended 31 October 2023
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
328,870 
178,917 
Accrued income and prepayments
25,973 
33,697 
Other debtors
66,875 
39,841 
421,718 
252,455 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
105,846 
87,735 
Trade creditors
5,000 
- 
Taxes and social security
202,922 
(364)
Accruals
558,000 
348,750 
871,768 
436,121 
7
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
200 Ordinary shares of £1 each
200 
200 
3 Ordinary shares of £1 each
3 
- 
203 
200 
Shares issued during the period:
3 Ordinary shares of £1 each
3 
8
Pension commitments
Defined contribution pension scheme The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £96,000 (2022 - 80,000)
9
Transactions with related parties
During the year, the company made the following related party transactions: During the year, the Directors received further loan of £4,346 and repaid £1,500. Interest was charged at an annual rate of 3%. At the balance sheet date, the amount due from/(to) the Directors was £16,305 (2022: £13,459).
10
Average number of employees
During the year the average number of employees was 14 (2022: 10).
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