Registered number
13123313
Phronesis Partners (UK) Limited
Filleted Accounts
31 March 2024
Phronesis Partners (UK) Limited
Registered number: 13123313
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 3,053 4,389
Current assets
Debtors 5 280,469 253,573
Cash at bank and in hand 820,577 764,309
1,101,046 1,017,882
Creditors: amounts falling due within one year 6 (1,073,238) (1,000,655)
Net current assets 27,808 17,227
Net assets 30,861 21,616
Capital and reserves
Called up share capital 100,000 100,000
Profit and loss account (69,139) (78,384)
Shareholders' funds 30,861 21,616
The financial statements 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.
Binayak Choudhury
Director
Approved by the board on 13 August 2024
Phronesis Partners (UK) Limited
Notes to the Accounts
for the year ended 31 March 2024
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).
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 rendering of services. 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, from the month in which they were acquired, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 3 years
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
Rentals payable under operating leases are recognised as an expense on a straight line basis over the lease term.
Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Paul Newton FCA (Senior Statutory Auditor)
Firm: Jacob Cavenagh & Skeet
Date of audit report: 2 September 2024
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 5
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 5,923
Additions 716
At 31 March 2024 6,639
Depreciation
At 1 April 2023 1,534
Charge for the year 2,052
At 31 March 2024 3,586
Net book value
At 31 March 2024 3,053
At 31 March 2023 4,389
5 Debtors 2024 2023
£ £
Trade debtors 276,810 249,625
Other debtors 3,659 3,948
280,469 253,573
6 Creditors: amounts falling due within one year 2024 2023
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 867,619 837,255
Taxation and social security costs 59,213 43,300
Other creditors 146,406 120,100
1,073,238 1,000,655
7 Events after the reporting date
There were no significant events after the reporting date which are required to be disclosed in these financial statements.
8 Going concern
The financial statements have been prepared on a going concern basis, on the basis that no material uncertainties exist that cast significance doubt upon the company's ability to continue as a going concern. The directors make this assessment in respect of a period of one year from the date of approval of the financial statements.
The directors have the continuing financial support of the parent company, Phronesis Partners pte Ltd, for the foreseeable future.
9 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 5,735 5,495
10 Geographic analysis of sales 2024 2023
£ £
Research & Consultancy income - UK 841,256 1,037,512
Research & Consultancy income - export 343,386 26,764
1,184,642 1,064,276
11 Related party transactions
During the period, £279,835 (2023 - £409,410) was paid to Phronesis Partners pte Ltd for work it undertook on behalf of Phronesis Partners (UK) Limited. At 31st March 2024, £867,619 (2023 - £837,255) was due from Phronesis Partners (UK) Limited to Phronesis Partners pte Ltd as shown in note 6. In addition, £69,531 (2023 - £16,259) received from Phronesis Partners pte Ltd for services rendered is included in the sales figure of £1,184,642 (2023 -£1,064,276).
12 Controlling party
The company is a wholly owned subsidiary of Phronesis Partners pte Ltd, a company registered in Singapore under company number 201541869C. It's registered office is 60 Paya Lebar Road, #09-43 Paya Lebar Square, Singapore 409051.
13 Other information
Phronesis Partners (UK) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Meridien House
42 Upper Berkeley Street
London
W1H 5PW
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