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
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
PHRISM SOLUTIONS LTD
Statement of financial position
as at 31 October 2023
Tangible assets
5,954
5,199
Cash at bank and in hand
1,336,016
527,619
Creditors: amounts falling due within one year
(871,768)
(436,121)
Net current assets
885,966
343,953
Net assets
891,920
349,152
Called up share capital
203
200
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
PHRISM SOLUTIONS LTD
Notes to the Accounts
for the year ended 31 October 2023
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.
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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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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.
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
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.
PHRISM SOLUTIONS LTD
Notes to the Accounts
for the year ended 31 October 2023
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 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.
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.
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.
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Tangible fixed assets
Computer equipment
PHRISM SOLUTIONS LTD
Notes to the Accounts
for the year ended 31 October 2023
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
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Creditors: amounts falling due within one year
2023
2022
Taxes and social security
202,922
(364)
Allotted, called up and fully paid:
200 Ordinary shares of £1 each
200
200
3 Ordinary shares of £1 each
3
-
Shares issued during the period:
3 Ordinary shares of £1 each
3
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)
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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).
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Average number of employees
During the year the average number of employees was 14 (2022: 10).