Acorah Software Products - Accounts Production 15.0.600 false true 28 February 2023 1 March 2022 false 1 March 2023 29 February 2024 29 February 2024 10074553 Mr Joshua Wyatt Mrs Megan Wyatt iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10074553 2023-02-28 10074553 2024-02-29 10074553 2023-03-01 2024-02-29 10074553 frs-core:CurrentFinancialInstruments 2024-02-29 10074553 frs-core:ComputerEquipment 2024-02-29 10074553 frs-core:ComputerEquipment 2023-03-01 2024-02-29 10074553 frs-core:ComputerEquipment 2023-02-28 10074553 frs-core:ShareCapital 2024-02-29 10074553 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 10074553 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 10074553 frs-bus:FilletedAccounts 2023-03-01 2024-02-29 10074553 frs-bus:SmallEntities 2023-03-01 2024-02-29 10074553 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 10074553 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 10074553 frs-bus:Director1 2023-03-01 2024-02-29 10074553 frs-bus:Director1 2023-02-28 10074553 frs-bus:Director1 2024-02-29 10074553 frs-bus:Director2 2023-03-01 2024-02-29 10074553 frs-countries:EnglandWales 2023-03-01 2024-02-29 10074553 2022-02-28 10074553 2023-02-28 10074553 2022-03-01 2023-02-28 10074553 frs-core:CurrentFinancialInstruments 2023-02-28 10074553 frs-core:ShareCapital 2023-02-28 10074553 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28
Registered number: 10074553
PHY Enterprises Limited
Financial Statements
For The Year Ended 29 February 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10074553
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 806 1,007
806 1,007
CURRENT ASSETS
Debtors 5 48,947 87,485
Investments 6 150,000 150,000
Cash at bank and in hand 110,813 82,045
309,760 319,530
Creditors: Amounts Falling Due Within One Year 7 (27,735 ) (20,137 )
NET CURRENT ASSETS (LIABILITIES) 282,025 299,393
TOTAL ASSETS LESS CURRENT LIABILITIES 282,831 300,400
NET ASSETS 282,831 300,400
CAPITAL AND RESERVES
Called up share capital 8 8 8
Profit and Loss Account 282,823 300,392
SHAREHOLDERS' FUNDS 282,831 300,400
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For the year ending 29 February 2024 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 Joshua Wyatt
Director
31 July 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
PHY Enterprises Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10074553 . The registered office is Damer House, Meadow Way, Wickford, Essex, SS12 9HA.
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, excluding discounts, rebates, value added taxes, and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and 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:
Computer Equipment 20% Reducing balance
2.4. Taxation
Taxation represents the sum of the tax currently payable and deferred tax.
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. 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.
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.
3. Average Number of Employees
The average number of employees, including directors, during the year was as follows: 2 (2023: 2)
2 2
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4. Tangible Assets
Computer Equipment
£
Cost
As at 1 March 2023 1,574
As at 29 February 2024 1,574
Depreciation
As at 1 March 2023 567
Provided during the period 201
As at 29 February 2024 768
Net Book Value
As at 29 February 2024 806
As at 1 March 2023 1,007
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 9,686
Other debtors 48,947 77,799
48,947 87,485
6. Current Asset Investments
2024 2023
£ £
Short term deposits 150,000 150,000
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors 1,488 1,200
Taxation and social security 26,247 18,937
27,735 20,137
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 8 8
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9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 March 2023 Amounts advanced Amounts repaid Amounts written off As at 29 February 2024
£ £ £ £ £
Mr Joshua Wyatt 64,283 - 36,576 - 27,707
The above loan is unsecured, interest free and repayable on demand.
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