Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31No description of principal activitytruetrue02023-01-01false0The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09917625 2023-01-01 2023-12-31 09917625 2022-01-01 2022-12-31 09917625 2023-12-31 09917625 2022-12-31 09917625 c:Director3 2023-01-01 2023-12-31 09917625 d:CurrentFinancialInstruments 2023-12-31 09917625 d:CurrentFinancialInstruments 2022-12-31 09917625 d:Non-currentFinancialInstruments 2023-12-31 09917625 d:Non-currentFinancialInstruments 2022-12-31 09917625 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 09917625 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 09917625 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 09917625 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 09917625 d:ShareCapital 2023-12-31 09917625 d:ShareCapital 2022-12-31 09917625 d:RetainedEarningsAccumulatedLosses 2023-12-31 09917625 d:RetainedEarningsAccumulatedLosses 2022-12-31 09917625 c:FRS102 2023-01-01 2023-12-31 09917625 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09917625 c:FullAccounts 2023-01-01 2023-12-31 09917625 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09917625 6 2023-01-01 2023-12-31 09917625 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 09917625










PHALANX HOLDINGS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
PHALANX HOLDINGS LIMITED
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2
Notes to the Financial Statements
 
 
3 - 6


 
PHALANX HOLDINGS LIMITED
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PHALANX HOLDINGS LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Phalanx Holdings Limited for the year ended 31 December 2023 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 Board of Directors of Phalanx Holdings Limited, as a body, in accordance with the terms of our engagement letter dated 31 August 2023Our work has been undertaken solely to prepare for your approval the financial statements of Phalanx Holdings Limited  and state those matters that we have agreed to state to the Board of Directors of Phalanx Holdings Limited, as a body, 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 Phalanx Holdings Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Phalanx Holdings Limited 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 Phalanx Holdings Limited. You consider that Phalanx Holdings Limited 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 Phalanx Holdings Limited. 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.

  


BAGINSKY COHEN
CHARTERED ACCOUNTANTS
930 HIGH ROAD
LONDON
N12 9RT
5 August 2024
Page 1

 
PHALANX HOLDINGS LIMITED
REGISTERED NUMBER: 09917625

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

FIXED ASSETS
  

Investments
 4 
15,549
8,303,572

 
CURRENT ASSETS
  

Cash at bank and in hand
 5 
33,131
17,194

  
33,131
17,194

Creditors: amounts falling due within one year
 6 
(1,380)
(1,320)

NET CURRENT ASSETS
  
 
 
31,751
 
 
15,874

TOTAL ASSETS LESS CURRENT LIABILITIES
  
47,300
8,319,446

Creditors: amounts falling due after more than one year
 7 
-
(8,305,695)

  

NET ASSETS
  
47,300
13,751


CAPITAL AND RESERVES
  

Called up share capital 
  
2,000
2,000

Profit and loss account
  
45,300
11,751

  
47,300
13,751


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 year 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 5 August 2024.



F.M.J. URWIN
Director

Page 2

 
PHALANX HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.ACCOUNTING POLICIES

 
1.1

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 2).

The following principal accounting policies have been applied:

  
1.2

REVENUE

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.

 
1.3

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
1.4

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
1.5

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.

 
1.6

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.

Page 3

 
PHALANX HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.ACCOUNTING POLICIES (CONTINUED)

 
1.7

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 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.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
1.8

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 4

 
PHALANX HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company's accounting policies, which are described in note 1, management is required to make judgements, estimates and assumptions about the carrying values of the assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.


3.


EMPLOYEES

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).


4.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£



COST OR VALUATION


At 1 January 2023
8,303,572


Disposals
(8,288,023)



At 31 December 2023
15,549





5.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
33,131
17,194



6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Other creditors and accruals
1,380
1,320


Page 5

 
PHALANX HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Other loans
-
8,305,695



8.


CONTROLLING PARTY

The parent company is Blue Raven Investments Limited, a company incorporated in the British Virgin Islands. The ultimate controlling party is the New Goodlife Trust, a Guernsey law trust.


Page 6