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Registration number: 05955255

Phaseline Electrical Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Phaseline Electrical Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Phaseline Electrical Limited

Company Information

Director

Mr Simon Frederick Woodward

Company secretary

Mr Alan Woodward

Registered office

Universal House
41 Catley Road
Darnall
Sheffield
South Yorkshire
S9 5JF

Accountants

Thorntons Accounting Limited
Chartered Certified Accountants
176-178 Pontefract Road
Cudworth
Barnsley
South Yorkshire
S72 8BE

 

Phaseline Electrical Limited

(Registration number: 05955255)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

41,148

37,278

Current assets

 

Stocks

6

4,000

4,000

Debtors

7

126,210

325,268

Cash at bank and in hand

 

29,526

66,623

 

159,736

395,891

Creditors: Amounts falling due within one year

8

(83,052)

(260,174)

Net current assets

 

76,684

135,717

Total assets less current liabilities

 

117,832

172,995

Creditors: Amounts falling due after more than one year

8

(23,174)

(23,239)

Net assets

 

94,658

149,756

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

94,657

149,755

Shareholders' funds

 

94,658

149,756

For the financial year ending 31 March 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 year 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 1 November 2024
 

 

Phaseline Electrical Limited

(Registration number: 05955255)
Balance Sheet as at 31 March 2024

.........................................
Mr Simon Frederick Woodward
Director

 

Phaseline Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Universal House
41 Catley Road
Darnall
Sheffield
South Yorkshire
S9 5JF

These financial statements were authorised for issue by the director on 1 November 2024.

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 except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

 

Phaseline Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost 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% Straight Line Basis

Motor Vehicles

25% Straight Line Basis

Furniture and Fittings

25% Straight Line Basis

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

Other Intangible Assets

25% Straight Line Basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Phaseline Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Phaseline Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2023 - 5).

 

Phaseline Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2023

13,000

13,000

At 31 March 2024

13,000

13,000

Amortisation

At 1 April 2023

13,000

13,000

At 31 March 2024

13,000

13,000

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

48,161

89,775

137,936

Additions

-

20,850

20,850

At 31 March 2024

48,161

110,625

158,786

Depreciation

At 1 April 2023

47,044

53,614

100,658

Charge for the year

484

16,496

16,980

At 31 March 2024

47,528

70,110

117,638

Carrying amount

At 31 March 2024

633

40,515

41,148

At 31 March 2023

1,117

36,161

37,278

6

Stocks

 

Phaseline Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2024
£

2023
£

Work in progress

2,000

2,000

Other inventories

2,000

2,000

4,000

4,000

7

Debtors

2024
£

2023
£

Trade debtors

125,097

257,644

Other debtors

-

66,729

Prepayments

1,113

895

126,210

325,268

 

Phaseline Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

15,285

9,150

Trade creditors

 

43,402

242,323

Taxation and social security

 

10,705

5,842

Accruals and deferred income

 

1,100

1,750

Other creditors

 

12,560

1,109

 

83,052

260,174

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

23,174

23,239

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

23,174

23,239

Current loans and borrowings

2024
£

2023
£

Bank borrowings

15,285

9,150

 

Phaseline Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

11

Related party transactions

Transactions with the director

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,745

9,445