Company Registration No. 10100443 (England and Wales)
Phonexa, Ltd
Unaudited accounts
for the year ended 30 April 2024
Phonexa, Ltd
Company Information
for the year ended 30 April 2024
Directors
Davit Gasparyan
David Michael Pickard
Company Number
10100443 (England and Wales)
Registered Office
Suite A, Floor 2, Avalon
26-32 Oxford Road
Bournemouth
BH8 8EZ
England
Accountants
Accounts and Legal Consultants Ltd
Suite 1-3, The Hop Exchange
24 Southwark Street
London
SE1 1TY
Phonexa, Ltd
Accountants' report
Accountants' report to the board of directors of Phonexa, Ltd on the preparation of the unaudited statutory accounts for the year ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Phonexa, Ltd for the year ended
30 April 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 Phonexa, 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 Phonexa, 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 Phonexa, Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Phonexa, 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 Phonexa, Ltd. You consider that Phonexa, 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 Phonexa, 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.
Accounts and Legal Consultants Ltd
Suite 1-3, The Hop Exchange
24 Southwark Street
London
SE1 1TY
30 January 2025
Phonexa, Ltd
Statement of financial position
as at 30 April 2024
Cash at bank and in hand
241,844
734,080
Creditors: amounts falling due within one year
(145,765)
(84,985)
Net current assets
1,814,863
1,494,031
Total assets less current liabilities
1,830,194
1,509,362
Creditors: amounts falling due after more than one year
(508,743)
(343,132)
Net assets
1,321,451
1,166,230
Called up share capital
1
1
Profit and loss account
1,321,450
1,166,229
Shareholders' funds
1,321,451
1,166,230
For the year ending 30 April 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 31 January 2025 and were signed on its behalf by
Davit Gasparyan
Director
Company Registration No. 10100443
Phonexa, Ltd
Notes to the Accounts
for the year ended 30 April 2024
Phonexa, Ltd is a private company, limited by shares, registered in England and Wales, registration number 10100443. The registered office is Suite A, Floor 2, Avalon, 26-32 Oxford Road, Bournemouth, BH8 8EZ, England.
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Phonexa, Ltd
Notes to the Accounts
for the year ended 30 April 2024
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.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The costs of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
4
Investments
Other investments
Valuation at 1 May 2023
15,331
Valuation at 30 April 2024
15,331
The company's investment at the Balance Sheet date in the share capital Intent Logic LLC, a trading company resident in United States of America. The investment is for 30% of the issued share capital.
Amounts falling due within one year
Trade debtors
137,890
168,721
Amounts due from group undertakings etc.
1,566,339
663,714
Accrued income and prepayments
6,004
-
Other debtors
8,551
12,501
6
Creditors: amounts falling due within one year
2024
2023
Trade creditors
15,296
13,119
Taxes and social security
57,358
12,737
Other creditors
18,708
11,847
7
Creditors: amounts falling due after more than one year
2024
2023
Amounts owed to group undertakings and other participating interests
508,743
343,132
Phonexa, Ltd
Notes to the Accounts
for the year ended 30 April 2024
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
9
Transactions with related parties
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
10
Average number of employees
During the year the average number of employees was 6 (2023: 4).