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REGISTERED NUMBER: 02966417 (England and Wales)















AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

PHASEDETAIL LIMITED

PHASEDETAIL LIMITED (REGISTERED NUMBER: 02966417)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


PHASEDETAIL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTOR: C T Wilkins


SECRETARY: I A Hinton


REGISTERED OFFICE: London Road
Bassetts Pole
Sutton Coldfield
West Midlands
B75 5SA


REGISTERED NUMBER: 02966417 (England and Wales)


SENIOR STATUTORY AUDITOR: Mark Fletcher BSc ACA


AUDITORS: Crombies Accountants Limited
Chartered Accountants and Statutory Auditor
34 Waterloo Road
Wolverhampton
West Midlands
WV1 4DG


BANKERS: Lloyds TSB Bank Plc

PHASEDETAIL LIMITED (REGISTERED NUMBER: 02966417)

STATEMENT OF FINANCIAL POSITION
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 100,000 -

CURRENT ASSETS
Debtors 5 120,804 112,457
Prepayments and accrued income 673 640
Cash at bank 20,001 20,001
141,478 133,098
CREDITORS
Amounts falling due within one year 6 86,431 20,407
NET CURRENT ASSETS 55,047 112,691
TOTAL ASSETS LESS CURRENT
LIABILITIES

155,047

112,691

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Other reserves 39,000 -
Retained earnings 115,047 111,691
SHAREHOLDERS' FUNDS 155,047 112,691

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 15 October 2024 and were signed by:





C T Wilkins - Director


PHASEDETAIL LIMITED (REGISTERED NUMBER: 02966417)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Phasedetail 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

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

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

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

PHASEDETAIL LIMITED (REGISTERED NUMBER: 02966417)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

4. INVESTMENT PROPERTY
Total
£   
COST OR VALUATION
Additions 61,000
Revaluations 39,000
At 31 May 2024 100,000
NET BOOK VALUE
At 31 May 2024 100,000

Cost or valuation at 31 May 2024 is represented by:
£   
Valuation in 2023 61,000
Valuation in 2023 39,000
100,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 61,000 -

investment property was valued on an open market basis on 30 January 2024 by KWB Property Management Limited .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 49,962 36,959
Other debtors 70,842 75,498
120,804 112,457

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors (569 ) 17,154
Other creditors 87,000 3,253
86,431 20,407

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Fletcher BSc ACA (Senior Statutory Auditor)
for and on behalf of Crombies Accountants Limited

8. OTHER FINANCIAL COMMITMENTS

The company has given a guarantee on behalf of related parties in relation to bank liabilities.

PHASEDETAIL LIMITED (REGISTERED NUMBER: 02966417)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party of the company is C T Wilkins, a director and majority shareholder of the ultimate parent company, Lichfield Machine Tools 1990 Limited.