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Company Registration No. 08410525 (England and Wales)
PHETALZ LTD Unaudited accounts for the year ended 29 February 2024
PHETALZ LTD Unaudited accounts Contents
Page
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PHETALZ LTD Company Information for the year ended 29 February 2024
Directors
Waheedat Owodeyi Adekunle Owodeyi
Secretary
Waheedat Owodeyi
Company Number
08410525 (England and Wales)
Registered Office
4 Ives Way Hopton Great Yarmouth NR31 9TN
Accountants
Brown & Bam Associates 143 Pembury Avenue Worcester Park Surrey County (optional) KT4 8BX
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PHETALZ LTD Accountants' report
Accountants' report to the board of directors of PHETALZ LTD on the preparation of the unaudited statutory accounts for the year ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of PHETALZ LTD for the year ended 29 February 2024 as set out on pages 5 - 8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of PHETALZ LTD, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of PHETALZ LTD and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PHETALZ LTD and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that PHETALZ LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of PHETALZ LTD. You consider that PHETALZ LTD is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of PHETALZ LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Brown & Bam Associates 143 Pembury Avenue Worcester Park Surrey County (optional) KT4 8BX 25 November 2024
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PHETALZ LTD Statement of financial position as at 29 February 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
9,527 
9,002 
Current assets
Inventories
20,051 
12,091 
Debtors
220,179 
260,533 
Cash at bank and in hand
32,323 
92,060 
272,553 
364,684 
Creditors: amounts falling due within one year
(95,915)
(199,416)
Net current assets
176,638 
165,268 
Total assets less current liabilities
186,165 
174,270 
Creditors: amounts falling due after more than one year
(55,689)
(71,927)
Net assets
130,476 
102,343 
Capital and reserves
Called up share capital
1,000 
1,000 
Profit and loss account
129,476 
101,343 
Shareholders' funds
130,476 
102,343 
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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 25 November 2024 and were signed on its behalf by
Waheedat Owodeyi Director Company Registration No. 08410525
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PHETALZ LTD Notes to the Accounts for the year ended 29 February 2024
1
Statutory information
PHETALZ LTD is a private company, limited by shares, registered in England and Wales, registration number 08410525. The registered office is 4 Ives Way, Hopton, Great Yarmouth, NR31 9TN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20
Motor vehicles
25
Fixtures & fittings
10
Computer equipment
25
Other tangible fixed assets
20
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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PHETALZ LTD Notes to the Accounts for the year ended 29 February 2024
Going concern
The board of directors has a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. For these reasons, the board decides to continue to adopt the going concern basis in preparing the financial statements for the company.
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 March 2023
16,266 
18,651 
3,234 
3,223 
41,374 
Additions
- 
- 
- 
7,301 
7,301 
At 29 February 2024
16,266 
18,651 
3,234 
10,524 
48,675 
Depreciation
At 1 March 2023
16,266 
10,288 
2,595 
3,223 
32,372 
Charge for the year
- 
4,663 
323 
1,790 
6,776 
At 29 February 2024
16,266 
14,951 
2,918 
5,013 
39,148 
Net book value
At 29 February 2024
- 
3,700 
316 
5,511 
9,527 
At 28 February 2023
- 
8,363 
639 
- 
9,002 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
22,022 
12,835 
Amounts due from group undertakings etc.
7,800 
7,800 
Accrued income and prepayments
24,971 
23,171 
Other debtors
5,059 
58,381 
59,852 
102,187 
Amounts falling due after more than one year
Amounts due from group undertakings etc.
160,327 
158,346 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
24,063 
24,063 
Amounts owed to group undertakings and other participating interests
30,496 
108,599 
Taxes and social security
8,004 
19,350 
Other creditors
12,127 
26,179 
Loans from directors
18,000 
18,000 
Accruals
3,225 
3,225 
95,915 
199,416 
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PHETALZ LTD Notes to the Accounts for the year ended 29 February 2024
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
55,689 
71,927 
8
Average number of employees
During the year the average number of employees was 8 (2023: 8).
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