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Registered number: 11284209










PHC DIGITAL LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
PHC DIGITAL LTD
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 8


 
PHC DIGITAL LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PHC DIGITAL LTD
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PHC Digital Ltd for the year ended 31 March 2024 which comprise the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the director of PHC Digital Ltd in accordance with the terms of our engagement letter dated 09 October 2020Our work has been undertaken solely to prepare for your approval the financial statements of PHC Digital Ltd and state those matters that we have agreed to state to the director of PHC Digital Ltd in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PHC Digital Ltd and its director for our work or for this report. 

It is your duty to ensure that PHC Digital Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of PHC Digital Ltd. You consider that PHC Digital Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of PHC Digital Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
4 September 2024
Page 1

 
PHC DIGITAL LTD
REGISTERED NUMBER: 11284209

BALANCE SHEET
AS AT 31 MARCH 2024

2024
Restated 2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,758
3,998

  
4,758
3,998

Current assets
  

Debtors: amounts falling due within one year
 5 
107,833
61,004

Cash at bank and in hand
  
11,430
38,485

  
119,263
99,489

Creditors: amounts falling due within one year
 6 
(75,742)
(46,571)

Net current assets
  
 
 
43,521
 
 
52,918

Total assets less current liabilities
  
48,279
56,916

Provisions for liabilities
  

Deferred tax
  
(1,073)
(921)

  
 
 
(1,073)
 
 
(921)

Net assets
  
47,206
55,995


Capital and reserves
  

Called up share capital 
 7 
100
100

Profit and loss account
  
47,106
55,895

  
47,206
55,995


Page 2

 
PHC DIGITAL LTD
REGISTERED NUMBER: 11284209
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers 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 director acknowledges his 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 statement of income and retained earnings 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 4 September 2024.




Mr P Henshall
Director

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
PHC DIGITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The company is a private company incorporated in the United Kingdom and limited by shares. It is registered in England and Wales. The address of its registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ.
The company's principal activity is that of web application development. Its principal place of trade is Attleborough, Norfolk.

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 following principal accounting policies have been applied:

 
2.2

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. The following criteria must also be met before revenue is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

  
2.3

Employee benefits

The company operates a defined contribution plan for the benefit of its employees.
Contributions are expensed as they become payable.

Page 4

 
PHC DIGITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax.

Deferred tax balances are recognised in respect of timing differences that have originated but 
not reversed by the balance sheet date.
Current and deferred tax is determined using tax rates and laws that have been enacted or 
substantively enacted by the balance sheet date.

 
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, on the following basis.

Depreciation is provided on the following basis:

Office equipment
-
20%
reducing balance

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

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.

 
2.7

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.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Page 5

 
PHC DIGITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).







4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 April 2023
6,819


Additions
1,950



At 31 March 2024

8,769



Depreciation


At 1 April 2023
2,821


Charge for the year on owned assets
1,190



At 31 March 2024

4,011



Net book value



At 31 March 2024
4,758



At 31 March 2023
3,998

Page 6

 
PHC DIGITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Trade debtors
81,715
28,895

Other debtors
1,163
-

Prepayments and accrued income
24,955
32,109

107,833
61,004



6.


Creditors: Amounts falling due within one year

2024
Restated 2023
£
£

Trade creditors
24,483
5,551

Other taxation and social security
36,997
29,562

Other creditors
-
1,229

Accruals and deferred income
14,262
10,229

75,742
46,571



7.


Share capital

2024
2023
£
£
Authorised, allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



8.


Prior year adjustment

A prior year adjustment has been included to restate the Company's cost of sales for the year ended 31 March 2023 which was understated by £9,616. The tax effect of this is a reduction in the tax charge for the year of £1,827. The effect on the comparative balance sheet is a increase in creditors of £7,789.
The effect on the opening reserves position as at 01 April 2023 is a decrease in the profit and loss reserve of £7,789.

Page 7

 
PHC DIGITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Related party transactions

As at 1 April 2023 the company owed the director £1,229. During the year, the director introduced total
monies in to the company of £99,873 and made withdrawals of £102,265. As at 31 March 2024, the director owed the company £1,163 as included within debtors in note 5 to the financial statements. The loan is repayable on demand and no interest has been charged.

Page 8