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Registration number: 14712243

Phase 3 Interiors Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

Phase 3 Interiors Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Phase 3 Interiors Ltd

Company Information

Director

K Kendall

Registered office

6 Mount Pleasant Road
South Woodham Ferrers
Chelmsford
Essex
CM3 5PA

Accountants

Ardmore Accountancy Limited
Chartered Certified Accountants
Suite 2
Jupiter Business Suites
30a Packhorse Road
Gerrards Cross
Buckinghamshire
SL9 7DA

 

Phase 3 Interiors Ltd

(Registration number: 14712243)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

25,020

33,144

Current assets

 

Stocks

5

1,165

368

Debtors

6

2,650

6,917

Cash at bank and in hand

 

8,818

1,735

 

12,633

9,020

Creditors: Amounts falling due within one year

7

(16,782)

(14,241)

Net current liabilities

 

(4,149)

(5,221)

Total assets less current liabilities

 

20,871

27,923

Creditors: Amounts falling due after more than one year

7

(20,848)

(26,036)

Net assets

 

23

1,887

Capital and reserves

 

Called up share capital

10

10

Retained earnings

13

1,877

Shareholders' funds

 

23

1,887

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 May 2025
 

K Kendall
Director

   
     
 

Phase 3 Interiors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
6 Mount Pleasant Road
South Woodham Ferrers
Chelmsford
Essex
CM3 5PA

These financial statements were authorised for issue by the director on 21 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Phase 3 Interiors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance basis

Motor vehicles

20% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Phase 3 Interiors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2024 - 2).

 

Phase 3 Interiors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2024

1,684

38,866

40,550

At 31 March 2025

1,684

38,866

40,550

Depreciation

At 1 April 2024

281

7,125

7,406

Charge for the year

351

7,773

8,124

At 31 March 2025

632

14,898

15,530

Carrying amount

At 31 March 2025

1,052

23,968

25,020

At 31 March 2024

1,403

31,741

33,144

5

Stocks

2025
£

2024
£

Work in progress

665

-

Other inventories

500

368

1,165

368

6

Debtors

Current

Note

2025
£

2024
£

Amounts owed by related parties

9

2,650

-

Prepayments

 

-

1,997

Other debtors

 

-

4,920

   

2,650

6,917

 

Phase 3 Interiors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

7

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

8

5,660

5,660

Trade creditors

 

30

846

Taxation and social security

 

6,555

3,983

Accruals and deferred income

 

1,650

1,455

Other creditors

 

2,887

2,297

 

16,782

14,241

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

8

20,848

26,036

8

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Finance lease liabilities

20,848

26,036

Current loans and borrowings

2025
£

2024
£

Finance lease liabilities

5,660

5,660

9

Related party transactions

Transactions with the director

2025

At 1 April 2024
£

Advances to director
£

At 31 March 2025
£

K Kendall

Interest free loan repayable on demand

-

2,650

2,650