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Registered number: 13089696










PHO (EDINBURGH) LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 25 FEBRUARY 2024

 
PHO (EDINBURGH) LTD
REGISTERED NUMBER: 13089696

STATEMENT OF FINANCIAL POSITION
AS AT 25 FEBRUARY 2024

25 February
19 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
363,087
415,013

  
363,087
415,013

  

Creditors: Amounts falling due within one year
 5 
(487,667)
(462,505)

Net current liabilities
  
 
 
(487,667)
 
 
(462,505)

Total assets less current liabilities
  
(124,580)
(47,492)

  

Net liabilities
  
(124,580)
(47,492)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(124,581)
(47,493)

  
(124,580)
(47,492)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Wayne John Dejager
Director

Date: 23 August 2024

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
PHO (EDINBURGH) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024

1.


General information

Pho (Edinburgh) Ltd is a UK registered Company (13089696) at 15 Clerkenwell Green, London, EC1R 0DP. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The cash flow forecast for the next 12 months for the group in which this Company sits, is regularly updated and reviewed by the directors and is sensitised to account for differing scenarios 
 
The Group has successfully secured new investment in April 2023. This has provided the Group with new and extended financing facilities which will be in place until August 2028. On all cash flow scenarios, the directors believe there is sufficient resources in the group for the next 12 months to comply with all covenants relating to minimum cash balance, debt leverage, debt service cover and cash headroom covenants.
 
For these reasons, the directors continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Revenue

Revenue relates to expenses incurred on the leasehold property owner by the Company that are then re-charged to the entity operating the leasehold property. Revenue is recognised at the point of recharge. 

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 2

 
PHO (EDINBURGH) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
over the life of the lease

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Creditors

Short-term creditors are measured at the transaction price.


3.


Employees



The average monthly number of employees, including directors, during the Period was 3 (2023 - 3).

Page 3

 
PHO (EDINBURGH) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024

4.


Tangible fixed assets







Long-term leasehold property

£



Cost


At 20 February 2023
443,632


Additions
1,940



At 25 February 2024

445,572



Depreciation


At 20 February 2023
28,619


Charge for the period
53,866



At 25 February 2024

82,485



Net book value



At 25 February 2024
363,087



At 19 February 2023
415,013


5.


Creditors: Amounts falling due within one year

25 February
19 February
2024
2023
£
£

Amounts owed to group undertakings
487,667
462,505


Amounts owed to group undertakings are repayable on demand and subject to interest at 5% on the balance at year end.


6.


Controlling party

The Company is a subsidiary undertaking of Pho Trading Limited. 
The smallest and largest group in which the results of the Company are consolidated is that headed by Cilantro Holding Limited, the ultimate controlling party, incorporated in England and Wales. No other group financial statements include the results of the Company. The consolidated financial statements of this group are available to the public and may be obtained from 15 Clerkenwell Green, London, EC1R 0DP.

Page 4

 
PHO (EDINBURGH) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024

7.


Auditors' information

The auditors' report on the financial statements for the Period ended 25 February 2024 was unqualified.

The audit report was signed on 23 August 2024 by Andrew Ball (Senior Statutory Auditor) on behalf of Haysmacintyre LLP.

Page 5