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REGISTERED NUMBER: SC586521 (Scotland)


















Unaudited Financial Statements

for the Year Ended 31 January 2024

for

PHG Solutions Limited

PHG Solutions Limited (Registered number: SC586521)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PHG Solutions Limited

Company Information
for the Year Ended 31 January 2024







DIRECTOR: C Harkin





SECRETARY: C Harkin





REGISTERED OFFICE: 19 Old Luss Road
Helensburgh
G84 7BL





REGISTERED NUMBER: SC586521 (Scotland)





ACCOUNTANTS: Macleod Fulton
Scottcourt House
West Princes Street
Helensburgh
Argyll & Bute
G84 8BP

PHG Solutions Limited (Registered number: SC586521)

Balance Sheet
31 January 2024

31.1.24 31.1.23
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 22,468 30,206

CURRENT ASSETS
Stocks 6,950 5,000
Debtors 5 52,204 15,716
Cash at bank 9,202 112,211
68,356 132,927
CREDITORS
Amounts falling due within one year 6 66,380 90,475
NET CURRENT ASSETS 1,976 42,452
TOTAL ASSETS LESS CURRENT
LIABILITIES

24,444

72,658

CREDITORS
Amounts falling due after more than one
year

7

24,138

36,786
NET ASSETS 306 35,872

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 305 35,871
306 35,872

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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.

PHG Solutions Limited (Registered number: SC586521)

Balance Sheet - continued
31 January 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 24 October 2024 and were signed by:





C Harkin - Director


PHG Solutions Limited (Registered number: SC586521)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

PHG Solutions Limited is a private company, limited by shares , registered in Scotland. 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 year 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

PHG Solutions Limited (Registered number: SC586521)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 February 2023
and 31 January 2024 50,125 3,670 53,795
DEPRECIATION
At 1 February 2023 20,647 2,942 23,589
Charge for year 7,370 368 7,738
At 31 January 2024 28,017 3,310 31,327
NET BOOK VALUE
At 31 January 2024 22,108 360 22,468
At 31 January 2023 29,478 728 30,206

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
as restated
£    £   
Trade debtors - 3,635
Other debtors 52,204 12,081
52,204 15,716

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
as restated
£    £   
Bank loans and overdrafts 4,500 4,500
Hire purchase contracts 8,648 9,649
Trade creditors 6,600 630
Taxation and social security 27,293 21,354
Other creditors 19,339 54,342
66,380 90,475

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
as restated
£    £   
Bank loans 7,333 11,333
Hire purchase contracts 16,805 25,453
24,138 36,786

8. CONTINGENT LIABILITIES

As at 31 January 2024 the company had no contingent liabilities (2023 - £nil).

PHG Solutions Limited (Registered number: SC586521)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

9. CAPITAL COMMITMENTS

As at 31 January 2024 the company had no capital commitments (2023 - £nil).

10. RELATED PARTY DISCLOSURES

As at 31 January 2024 included in other debtors is a balance due from Mr. C Harkin, director of the company amounting to £50,459, (2023 due to - £25,792). This balance has no fixed repayment date and no interest is charged theron.