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Registered Number: 10203518
England and Wales

 

 

 

PHYSIKA LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 June 2023

End date: 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PHYSIKA LIMITED for the year ended 31 May 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and related notes from the companys accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://icaew.com/regulations.

This report is made solely to the Board of Directors of PHYSIKA LIMITED, as a body, in accordance with the terms of our engagement letter dated 21 February 2025. Our work has been undertaken solely to prepare for your approval the financial statements of PHYSIKA LIMITED and state those matters that we have agreed to state to the Board of Directors of PHYSIKA LIMITED, as a body, in this report in accordance with AAF 2/10 as detailed at http://icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PHYSIKA LIMITED and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that PHYSIKA LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of PHYSIKA LIMITED. You consider that PHYSIKA LIMITED 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 financial statements of PHYSIKA LIMITED. 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 financial statements.


Acorn Financial Solutions Limited
99 Brentwood Road
Brighton
East Sussex
BN1 7ET
21 February 2025
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 4   2,139 
  2,139 
Current assets      
Debtors 4,090    4,934 
Cash at bank and in hand 2,152    3 
6,242    4,937 
Creditors: amount falling due within one year (42,564)   (41,231)
Net current assets (36,322)   (36,294)
 
Total assets less current liabilities (36,322)   (34,155)
Creditors: amount falling due after more than one year (25,412)   (28,134)
Provisions for liabilities (4,500)   (5,000)
Net assets (66,234)   (67,289)
 

Capital and reserves
     
Called up share capital 1    1 
Profit and loss account (66,235)   (67,290)
Shareholders' funds (66,234)   (67,289)
 


For the year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 21 February 2025 and were signed by:


-------------------------------
Derek Ewing
Director
2
General Information
PHYSIKA LIMITED is a private company, limited by shares, registered in England and Wales, registration number 10203518, registration address 99 Brentwood Road, Brighton, BN1 7ET.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard).
Going concern basis
The directors believe that the company is currently reviewing options for potential business connections and contracts.  As such the company is currently in a dormant state of existence whilst it evaluates the current economic climate which is recovering from the pandemic years, high inflation and high interest rates.  All factors which naturally prohibit infrastructure investment.
As such the directors are adopting the going concern principal because the company is actively looking and searching for opportunities.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The companys liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 3 Straight Line
Computer Equipment 3 Straight Line
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 1 (2023 : 1).
3.

Financial Commitments, Guarantees and Contingencies

The Director has a Bounceback Loan taken out in May 2020 valued at £25,000.   This is due to be fully repaid in May 2026.  The government has fully guaranteed the loan.

4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Computer Equipment   Total
  £   £   £
At 01 June 2023   31,275    31,275 
Additions 542      542 
Disposals    
At 31 May 2024 542    31,275    31,817 
Depreciation
At 01 June 2023 542    31,275    31,817 
Charge for year    
On disposals    
At 31 May 2024 542    31,275    31,817 
Net book values
Closing balance as at 31 May 2024    
Opening balance as at 01 June 2023 181    1,958    2,139 


5.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2024
£
 2023
£
 2024
£
 2023
£
Guzlek Ltd(400)(3,908)(11,419)(11,019)

During the year the company borrowed funds from Guzlek Ltd, company where director Derek Ewing holds 50% of the share capital. At the year end the total balance owed to Guzlek Limited was £11,419.
3