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Registered number: 07530548
PHD (London) Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07530548
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 48,707 63,130
48,707 63,130
CURRENT ASSETS
Stocks 5 60,000 177,663
Debtors 6 1,626,959 1,067,051
Cash at bank and in hand 146,821 17,709
1,833,780 1,262,423
Creditors: Amounts Falling Due Within One Year 7 (956,524 ) (797,028 )
NET CURRENT ASSETS (LIABILITIES) 877,256 465,395
TOTAL ASSETS LESS CURRENT LIABILITIES 925,963 528,525
Creditors: Amounts Falling Due After More Than One Year 8 (46,567 ) (82,790 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (8,079 ) (10,561 )
NET ASSETS 871,317 435,174
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 871,217 435,074
SHAREHOLDERS' FUNDS 871,317 435,174
Page 1
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Ian Drake
Director
7th June 2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
PHD (London) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07530548 . The registered office is Unit 1 Riverside Business Park, Stoney Common Road, Stansted, Essex, CM24 8PL.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.

2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
2.4. Leasing and Hire Purchase Contracts
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.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 14 (2022: 11)
14 11
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 January 2023 108,759 11,434 120,193
Additions - 1,812 1,812
As at 31 December 2023 108,759 13,246 122,005
Depreciation
As at 1 January 2023 49,291 7,772 57,063
Provided during the period 14,867 1,368 16,235
As at 31 December 2023 64,158 9,140 73,298
Net Book Value
As at 31 December 2023 44,601 4,106 48,707
As at 1 January 2023 59,468 3,662 63,130
5. Stocks
2023 2022
£ £
Finished goods 60,000 177,663
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 1,497,245 959,069
Other debtors 129,714 107,982
1,626,959 1,067,051
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 14,223 14,223
Trade creditors 690,035 728,646
Bank loans and overdrafts 22,000 22,000
Other creditors 2,400 2,200
Taxation and social security 227,866 29,959
956,524 797,028
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 13,567 27,790
Bank loans 33,000 55,000
46,567 82,790
9. Secured Creditors
The bank loan is secured by a fixed and floating charge over all assets. The hire purchase agreements are secured against the associated assets involved in the agreement. 
2023 2022
£ £
Bank loans and overdrafts 55,000 77,000
10. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 14,223 14,223
Later than one year and not later than five years 13,567 27,790
27,790 42,013
27,790 42,013
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Ian Drake 21,985 18,629 21,985 - 18,629
Mr Paul O'Brien 16,080 16,359 16,080 - 16,359
The above loan is unsecured. Interest has been charged at a commercial rate and the loan is repayable on demand.
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13. Ultimate Controlling Party
There is no ultimate controlling party at the year end.
Page 6