Registered number
08201935
Multiphase Ltd
Filleted Accounts
30 September 2023
Multiphase Ltd
Registered number: 08201935
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 140,511 51,279
140,511 51,279
Current assets
Stocks and work in progress 38,337 27,353
Debtors 4 60,935 60,272
Cash at bank and in hand 169,881 111,791
269,153 199,416
Creditors: amounts falling due within one year 5 (191,464) (126,712)
Net current assets 77,689 72,704
Total assets less current liabilities 218,200 123,983
Creditors: amounts falling due after more than one year 6 (126,245) (55,600)
Provisions for liabilities (3,624) (3,044)
Net assets 88,331 65,339
Capital and reserves
Called up share capital 10 10
Profit and loss account 88,321 65,329
Shareholders' funds 88,331 65,339
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Anthony Duffy
Director
Approved by the board on 18 July 2024
Multiphase Ltd
Notes to the Accounts
for the year ended 30 September 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 20% reducing balance
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks and Work in Progress
Stocks and work in progress are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 October 2022 38,359 43,000 81,359
Additions - 128,000 128,000
Disposals (13,798) - (13,798)
At 30 September 2023 24,561 171,000 195,561
Depreciation
At 1 October 2022 21,480 8,600 30,080
Charge for the year 3,530 32,480 36,010
On disposals (11,040) - (11,040)
At 30 September 2023 13,970 41,080 55,050
Net book value
At 30 September 2023 10,591 129,920 140,511
At 30 September 2022 16,879 34,400 51,279
4 Debtors 2023 2022
£ £
Trade debtors 43,346 59,022
Other debtors 17,589 1,250
60,935 60,272
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 13,490 13,341
Obligations under finance lease and hire purchase contracts 15,187 6,823
Trade creditors 65,780 45,272
Taxation and social security costs 87,964 52,001
Other creditors 9,043 9,275
191,464 126,712
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 32,348 45,731
Obligations under finance lease and hire purchase contracts 93,897 9,869
126,245 55,600
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Adam Ramsey
Loan to director - 266 - 266
- 266 - 266
8 Other information
Multiphase Ltd is a private company limited by shares and incorporated in England. Its registered office is:
John Buddle Work Village
Buddle Road
Newcastle upon Tyne
NE4 8AW
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