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REGISTERED NUMBER: 07307837 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

FOR

PHONEMERCHANT LIMITED

PHONEMERCHANT LIMITED (REGISTERED NUMBER: 07307837)

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










Page

Balance sheet 1

Notes to the financial statements 2


PHONEMERCHANT LIMITED (REGISTERED NUMBER: 07307837)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £    £   
Fixed assets
Tangible assets 4 3,910 4,402

Current assets
Stocks 27,500 26,750
Debtors 5 - 895
Cash at bank 2,756 1,595
30,256 29,240
Creditors
Amounts falling due within one year 6 10,117 10,127
Net current assets 20,139 19,113
Total assets less current liabilities 24,049 23,515

Creditors
Amounts falling due after more than one year 7 (3,513 ) (6,287 )

Provisions for liabilities 9 (743 ) (799 )
Net assets 19,793 16,429

Capital and reserves
Called up share capital 10 11,000 11,000
Retained earnings 8,793 5,429
Shareholders' funds 19,793 16,429

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Statement of comprehensive income has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 April 2025 and were signed by:




Mr A Luckett - Director


PHONEMERCHANT LIMITED (REGISTERED NUMBER: 07307837)

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


1. Statutory information

Phonemerchant Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 07307837. The registered office is 21a Catherine Street, Salisbury, Wiltshire, SP1 2DF and business address is Unit 3a, Rose Hill Business Units, Mount Carmel Road, Palestine, Andover, Hampshire, SP11 7ER.

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.

Turnover
Turnover represents amounts receivable for mobile phones sold during the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Website development - 33% on cost
Phone equipment - 50% on cost
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stock and Work In Progress are valued at the lower of cost and net realisable value.

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 balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Financial instruments
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 2 (2023 - 2 ) .

PHONEMERCHANT LIMITED (REGISTERED NUMBER: 07307837)

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


4. Tangible fixed assets
Fixtures
Website Phone and Computer
development equipment fittings equipment Totals
£    £    £    £    £   
Cost
At 1 August 2023 5,185 3,812 3,541 4,075 16,613
Additions - 1,415 251 1,170 2,836
Disposals (5,185 ) (2,162 ) - (800 ) (8,147 )
At 31 July 2024 - 3,065 3,792 4,445 11,302
Depreciation
At 1 August 2023 5,176 2,607 2,767 1,661 12,211
Charge for year - 1,532 256 812 2,600
Eliminated on disposal (5,176 ) (1,782 ) - (461 ) (7,419 )
At 31 July 2024 - 2,357 3,023 2,012 7,392
Net book value
At 31 July 2024 - 708 769 2,433 3,910
At 31 July 2023 9 1,205 774 2,414 4,402

5. Debtors: amounts falling due within one year
2024 2023
£    £   
Tax - 895

6. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 2,981 2,981
Tax 891 -
Directors' current accounts 5,644 6,244
Accruals and deferred income 601 902
10,117 10,127

7. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans - 1-2 years 2,981 2,981
Bank loans - 2-5 years 532 3,306
3,513 6,287

PHONEMERCHANT LIMITED (REGISTERED NUMBER: 07307837)

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


8. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 4,780 4,780
Between one and five years 19,120 19,120
In more than five years - 4,780
23,900 28,680

9. Provisions for liabilities
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 743 799

Deferred
tax
£   
Balance at 1 August 2023 799
Credit to Income statement during year (56 )
Balance at 31 July 2024 743

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10,000 Ordinary A £1 10,000 10,000
1,000 Ordinary B £1 1,000 1,000
11,000 11,000

11. Ultimate controlling party

Mr A Luckett is deemed to be the ultimate controlling party by virtue of his 100% ownership of the voting share capital.