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REGISTERED NUMBER: 01814992 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Phineas Group (UK) Limited

Phineas Group (UK) Limited (Registered number: 01814992)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Phineas Group (UK) Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: DC Wright





SECRETARY: Mrs L A Wright





REGISTERED OFFICE: Moore
6th Floor
Whitefriars Lewins Mead
Bristol
BS1 2NT





REGISTERED NUMBER: 01814992 (England and Wales)





ACCOUNTANTS: Moore
Chartered Accountants
6th Floor
Whitefriars
Lewins Mead
Bristol
BS1 2NT

Phineas Group (UK) Limited (Registered number: 01814992)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 2,090
Tangible assets 5 83,881 153,151
Investments 6 2,860 2,860
86,741 158,101

CURRENT ASSETS
Stocks 102,180 80,515
Debtors 7 1,661,882 1,632,205
Cash at bank and in hand 862,904 600,532
2,626,966 2,313,252
CREDITORS
Amounts falling due within one year 8 355,446 148,388
NET CURRENT ASSETS 2,271,520 2,164,864
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,358,261

2,322,965

PROVISIONS FOR LIABILITIES 2,563 1,693
NET ASSETS 2,355,698 2,321,272

CAPITAL AND RESERVES
Called up share capital 300 300
Retained earnings 2,355,398 2,320,972
SHAREHOLDERS' FUNDS 2,355,698 2,321,272

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

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

Phineas Group (UK) Limited (Registered number: 01814992)

Balance Sheet - continued
31 March 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 7 November 2024 and were signed by:





DC Wright - Director


Phineas Group (UK) Limited (Registered number: 01814992)

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

1. STATUTORY INFORMATION

Phineas Group (UK) Limited is a private company, limited by shares , registered in England and Wales. 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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Asset class Depreciation method and rate
Leasehold improvements Straight line over 6 years
Plant and Machinery Straight line over 3 years
Fixtures and fittings Straight line over 3 years or 25% reducing balance
Motor vehiclesStraight line over 5 years
Solar panels Straight line over 15 or 20 years

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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


Phineas Group (UK) Limited (Registered number: 01814992)

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

2. ACCOUNTING POLICIES - continued
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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 10 ) .

Phineas Group (UK) Limited (Registered number: 01814992)

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

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 April 2023
and 31 March 2024 44,155
AMORTISATION
At 1 April 2023 42,065
Amortisation for year 2,090
At 31 March 2024 44,155
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 2,090

5. TANGIBLE FIXED ASSETS
Leasehold Solar Plant and
improvements Panels machinery
£    £    £   
COST
At 1 April 2023 37,602 104,194 789,052
Disposals - - -
At 31 March 2024 37,602 104,194 789,052
DEPRECIATION
At 1 April 2023 28,161 60,818 767,524
Charge for year 4,583 5,285 9,453
Eliminated on disposal - - -
At 31 March 2024 32,744 66,103 776,977
NET BOOK VALUE
At 31 March 2024 4,858 38,091 12,075
At 31 March 2023 9,441 43,376 21,528

Phineas Group (UK) Limited (Registered number: 01814992)

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

5. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 April 2023 185,338 66,500 1,182,686
Disposals - (51,000 ) (51,000 )
At 31 March 2024 185,338 15,500 1,131,686
DEPRECIATION
At 1 April 2023 149,699 23,333 1,029,535
Charge for year 10,399 7,950 37,670
Eliminated on disposal - (19,400 ) (19,400 )
At 31 March 2024 160,098 11,883 1,047,805
NET BOOK VALUE
At 31 March 2024 25,240 3,617 83,881
At 31 March 2023 35,639 43,167 153,151

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 2,860
NET BOOK VALUE
At 31 March 2024 2,860
At 31 March 2023 2,860

Phineas Group (UK) Limited (Registered number: 01814992)

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

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 87,049 77,197
Amounts owed by group undertakings 806,869 1,379,569
Other debtors 163,427 82,004
Directors' current accounts 555,391 69,964
VAT 5,269 11,589
Prepayments and accrued income 43,877 11,882
1,661,882 1,632,205

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 40,951 50,749
Amounts owed to group undertakings 73,146 -
Tax 178,727 44,051
Social security and other taxes 1,600 6,861
Accruals and deferred income 61,022 46,727
355,446 148,388

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Included in debtors is £555,390 (2023: £69,964) owed to the company by Mr D Wright, a director of the company. Interest has been charged on this balance using the official HMRC rate.

Phineas Group (UK) Limited (Registered number: 01814992)

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

10. RELATED PARTY DISCLOSURES

During the year the company made the following related party transactions:

Phineas Products US LLC
(A company wholly owned by Phineas Group (UK) Limited)
At the year end £73,146 was owed to Phineas Products US LLC by the company (2023: £13,667 debtor).

Phineas Group (International) Limited
(Parent company of Phineas Group (UK) Limited)
During the year the company was issued with purchase invoices to the value of £74,122 (2023: £75,226).
At the year end £576,968 (2023: £1,084,922) was owed by the Phineas Group (International) Limited to the company.

Phineas Group (HK) Ltd
(A company in which DC Wright is a director)
During the year the company issued sales invoices to the value of £919,065 (2023: £835,642).
During the year the company was issued with purchase invoices to the value of £366,820 (2023: £64,480).
At the year end £73,567 (2023: £124,646) was due from Phineas Group (HK) Ltd to the company.

Cancan Sharing Systems Ltd (Formerly Pizer and Wright Ltd)
(A company in which DC Wright is a director)
During the year the company was issued with purchase invoices to the value of £4,458 (2023: £NIL).
At the year end £156,334 (2023: £156,334) was due from Cancan Sharing Systems Ltd to the company.