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Registrar

Registration number: 13302186

PHRENeTECH LIMITED

Unaudited Filleted Financial Statements

for the Period from 1 April 2023 to 31 May 2024

 

PHRENeTECH LIMITED

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

PHRENeTECH LIMITED

Company Information

Directors

J Ghous

Registered office

14 Cotton's Gardens
London
E2 8DN

Bankers

Lloyds Bank Plc
Butler Place
1 Legg Street
Chelmsford
Essex
CM1 1JS

Accountants

Lambert Chapman LLP
Chartered accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

PHRENeTECH LIMITED

(Registration number: 13302186)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

87,988

29,135

Tangible assets

5

2,105

1,611

 

90,093

30,746

Current assets

 

Debtors

6

9,262

1,150

Cash at bank and in hand

 

191,462

-

 

200,724

1,150

Creditors: Amounts falling due within one year

7

(95,100)

(38,710)

Net current assets/(liabilities)

 

105,624

(37,560)

Net assets/(liabilities)

 

195,717

(6,814)

Capital and reserves

 

Called up share capital

8

1,451

1,028

Share premium reserve

464,990

84,874

Retained earnings

(270,724)

(92,716)

Shareholders' funds/(deficit)

 

195,717

(6,814)

For the financial period ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 18 October 2024
 

J Ghous
Director

 

PHRENeTECH LIMITED

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: 14 Cotton's Gardens, London, E2 8DN, England.

The principal place of business is: 4 Kirton Close, Hornchurch, Essex, RM12 6TU.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Going concern

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

Tax

Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised on material temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

PHRENeTECH LIMITED

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 May 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

25% Reducing balance

Office Equipment

33% Straight line

Fixtures and Fittings

25% Reducing balance

Intangible assets

Intangible assets are stated in the statement of financial position at cost, less any subsequent accumulated amortisation.

Development costs

Amortisation on website development is suspended while the asset is being developed and not in use.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website development costs

10% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

PHRENeTECH LIMITED

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 May 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 2 (2023 - 1).

4

Intangible assets

Website development costs

Total
£

Cost or valuation

At 1 April 2023

29,135

29,135

Additions acquired separately

58,853

58,853

At 31 May 2024

87,988

87,988

Amortisation

Carrying amount

At 31 May 2024

87,988

87,988

At 31 March 2023

29,135

29,135

 

PHRENeTECH LIMITED

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 May 2024

5

Tangible assets

Office equipment and fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

1,969

312

2,281

Additions

1,436

-

1,436

At 31 May 2024

3,405

312

3,717

Depreciation

At 1 April 2023

605

65

670

Charge for the period

870

72

942

At 31 May 2024

1,475

137

1,612

Carrying amount

At 31 May 2024

1,930

175

2,105

At 31 March 2023

1,364

247

1,611

6

Debtors

2024
£

2023
£

Prepayments

6,672

-

Other debtors

2,590

1,150

9,262

1,150

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

54

2,044

Trade creditors

 

67,657

21,732

Taxation and social security

 

1,826

5,401

Accruals and deferred income

 

14,490

895

Other creditors

 

11,073

8,638

 

95,100

38,710

 

PHRENeTECH LIMITED

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 May 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary £0.001 of £0.00 each

1,027,499

1,027

1,027,499

1,027

Ordinary A £0.001 of £0.00 each

423,281

423

-

-

1,450,780

1,451

1,027,499

1,027

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

54

2,044

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2023 - £979).