Registrar
Registration number:
PHRENeTECH LIMITED
for the Period from 1 April 2023 to 31 May 2024
PHRENeTECH LIMITED
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
PHRENeTECH LIMITED
Company Information
Directors |
J Ghous |
Registered office |
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Bankers |
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Accountants |
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PHRENeTECH LIMITED
(Registration number: 13302186)
Balance Sheet as at 31 May 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Net assets/(liabilities) |
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( |
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Capital and reserves |
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Called up share capital |
1,451 |
1,028 |
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Share premium reserve |
464,990 |
84,874 |
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Retained earnings |
(270,724) |
(92,716) |
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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:
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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
PHRENeTECH LIMITED
Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 May 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The principal place of business is: 4 Kirton Close, Hornchurch, Essex, RM12 6TU.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Intangible assets |
Website development costs |
Total |
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Cost or valuation |
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At 1 April 2023 |
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Additions acquired separately |
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At 31 May 2024 |
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Amortisation |
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Carrying amount |
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At 31 May 2024 |
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At 31 March 2023 |
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PHRENeTECH LIMITED
Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 May 2024
Tangible assets |
Office equipment and fixtures and fittings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2023 |
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Additions |
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- |
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At 31 May 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the period |
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At 31 May 2024 |
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Carrying amount |
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At 31 May 2024 |
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At 31 March 2023 |
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Debtors |
2024 |
2023 |
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Prepayments |
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- |
Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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PHRENeTECH LIMITED
Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 May 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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1,027 |
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1,027 |
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423 |
- |
- |
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Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
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Bank overdrafts |
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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 - £