Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-282024-02-282falsetrue2022-12-16The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.investment ownershiptruefalse 14544436 2022-12-15 14544436 2022-12-16 2024-02-28 14544436 2021-12-16 2022-12-15 14544436 2024-02-28 14544436 c:Director1 2022-12-16 2024-02-28 14544436 d:CurrentFinancialInstruments 2024-02-28 14544436 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-28 14544436 d:ShareCapital 2024-02-28 14544436 d:SharePremium 2022-12-16 2024-02-28 14544436 d:SharePremium 2024-02-28 14544436 d:RevaluationReserve 2022-12-16 2024-02-28 14544436 d:RevaluationReserve 2024-02-28 14544436 d:RetainedEarningsAccumulatedLosses 2024-02-28 14544436 d:OtherDeferredTax 2024-02-28 14544436 c:FRS102 2022-12-16 2024-02-28 14544436 c:AuditExempt-NoAccountantsReport 2022-12-16 2024-02-28 14544436 c:FullAccounts 2022-12-16 2024-02-28 14544436 c:PrivateLimitedCompanyLtd 2022-12-16 2024-02-28 14544436 5 2022-12-16 2024-02-28 14544436 6 2022-12-16 2024-02-28 14544436 e:PoundSterling 2022-12-16 2024-02-28 iso4217:GBP xbrli:pure
Registered number: 14544436











PHF2 LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 28 FEBRUARY 2024



















FLETCHER & PARTNERS
CHARTERED ACCOUNTANTS
SALISBURY

 
PHF2 LIMITED
REGISTERED NUMBER:14544436

BALANCE SHEET
AS AT 28 FEBRUARY 2024

2024
Note
£

Fixed assets
  

Investments
 4 
961,776

  
961,776

Current assets
  

Debtors: amounts falling due within one year
 5 
100

Cash at bank and in hand
  
84,840

  
84,940

Creditors: amounts falling due within one year
 6 
(9,163)

Net current assets
  
 
 
75,777

Total assets less current liabilities
  
1,037,553

Provisions for liabilities
  

Deferred tax
  
(84,059)

  
 
 
(84,059)

Net assets
  
953,494


Capital and reserves
  

Called up share capital 
  
150

Share premium account
 8 
925,166

Revaluation reserve
 8 
30,311

Profit and loss account
 8 
(2,133)

  
953,494


Page 1

 
PHF2 LIMITED
REGISTERED NUMBER:14544436

BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2024

The directors consider 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 period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their 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 comprehensive income 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 13 September 2024.




A K Macdonald
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
PHF2 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2024

1.


General information

PHF2 Limited is a private company incorporated in England and Wales no 14544436 whose registered office is at 17 Lena Gardens London W6 7PY.  Its main activity is the holding of investments.

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

Revenue recognition

Revenue 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. Revenue 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:

 
2.3

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 3

 
PHF2 LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2024

2.Accounting policies (continued)

 
2.4

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.5

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
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

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

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.

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.10

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are
Page 4

 
PHF2 LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.


3.


Employees




The average monthly number of employees, including directors, during the period was 2.

Page 5

 
PHF2 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2024

4.


Fixed asset investments





Listed investments

£



Cost or valuation


Additions
975,673


Disposals
(44,208)


Revaluations
30,311



At 28 February 2024
961,776





5.


Debtors

2024
£


Other debtors
100

100



6.


Creditors: Amounts falling due within one year

2024
£

Corporation tax
7,723

Accruals and deferred income
1,440

9,163



7.


Deferred taxation



2024


£






Arising on business combinations
(84,059)



At end of year
(84,059)

Page 6

 
PHF2 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2024
 
7.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2024
£


Investment values in excess of base cost
(84,059)

(84,059)


8.


Reserves

Share premium account

The share premium account arose during the period on the transfer of assets to the company in return for shares in the company on the demerger from its predecessor company. 

Revaluation reserve

The revaluation reserve comprises the unrealised surplus on the revaluation of investments.


Page 7