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REGISTERED NUMBER: 14862282 (England and Wales)















Unaudited Financial Statements

for the Period 11 May 2023 to 31 May 2024

for

Phynai Ltd

Phynai Ltd (Registered number: 14862282)






Contents of the Financial Statements
for the Period 11 May 2023 to 31 May 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Phynai Ltd

Company Information
for the Period 11 May 2023 to 31 May 2024







DIRECTOR: N J Edwards





REGISTERED OFFICE: Lantern House
39 Duke Street
Chester
United Kingdom
CH1 1RP





REGISTERED NUMBER: 14862282 (England and Wales)





ACCOUNTANTS: Summit Accountants Limited
M.01 Tomorrow
MediaCityUK
Salford
Greater Manchester
M50 2AB

Phynai Ltd (Registered number: 14862282)

Statement of Financial Position
31 May 2024

Notes £    £   
FIXED ASSETS
Tangible assets 4 397

CURRENT ASSETS
Debtors 5 1,041
Cash at bank 9,548
10,589
CREDITORS
Amounts falling due within one year 6 3,961
NET CURRENT ASSETS 6,628
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,025

PROVISIONS FOR LIABILITIES 99
NET ASSETS 6,926

CAPITAL AND RESERVES
Called up share capital 100
Retained earnings 6,826
6,926

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Phynai Ltd (Registered number: 14862282)

Statement of Financial Position - continued
31 May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 October 2024 and were signed by:





N J Edwards - Director


Phynai Ltd (Registered number: 14862282)

Notes to the Financial Statements
for the Period 11 May 2023 to 31 May 2024

1. STATUTORY INFORMATION

Phynai Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statement have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. 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 recognised when, and to the extent that, the company obtains the right to consideration. The point of recognition is after the service has been performed, when the risk and rewards associated with the goods/services have been transferred or in accordance with contractual terms. The company is not VAT registered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 20% on cost

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Phynai Ltd (Registered number: 14862282)

Notes to the Financial Statements - continued
for the Period 11 May 2023 to 31 May 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
Additions 521
At 31 May 2024 521
DEPRECIATION
Charge for period 124
At 31 May 2024 124
NET BOOK VALUE
At 31 May 2024 397

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade debtors 233
Other debtors 808
1,041

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade creditors 100
Taxation and social security 2,880
Other creditors 981
3,961

Phynai Ltd (Registered number: 14862282)

Notes to the Financial Statements - continued
for the Period 11 May 2023 to 31 May 2024

7. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

As of 31 May 2024 the company owed director 1 £159.
No formal repayment terms have been agreed.