| REGISTERED NUMBER: |
| PHL YOULA LIMITED |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| REGISTERED NUMBER: |
| PHL YOULA LIMITED |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| PHL YOULA LIMITED (REGISTERED NUMBER: 12274169) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| PHL YOULA LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| Chartered Accountants |
| Fryern House |
| 125 Winchester Road |
| Chandlers Ford |
| Hampshire |
| SO53 2DR |
| PHL YOULA LIMITED (REGISTERED NUMBER: 12274169) |
| BALANCE SHEET |
| 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| ( |
) | ( |
) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| PHL YOULA LIMITED (REGISTERED NUMBER: 12274169) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | COMPANY INFORMATION |
| PHL Youla Limited is a private company, limited by shares, incorporated in England and Wales. The registered office address is Onyx, 12 Little Park Farm Road, Segensworth Roundabout, West Fareham, Hampshire, PO15 5TD. The company's registered number is 12274169. |
| 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. |
| The presentation currency is £ sterling. |
| Going concern |
| The company ceased trading during the year and the directors intend to wind the company up in the current year, and therefore the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern. No adjustments were considered necessary to the amounts disclosed in the financial statements as a result of this. |
| Significant judgements and estimates |
| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that the actual outcomes could differ from those estimates. |
| The directors do not consider there to be any significant judgements or estimates. |
| Turnover |
| Turnover represents sales during the year (excluding value added tax where applicable) adjusted for accrued and deferred income where applicable. |
| Turnover is recognised on provision of the care service. |
| Intangible fixed assets |
| Goodwill recognised represents the excess of the fair value and directly attributable costs of the purchase consideration over the fair values to the company's interest in the identifiable net assets, liabilities and contingent liabilities acquired. |
| Goodwill is amortised over its expected useful life of 10 years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. |
| Software costs recognised represent the capital expenditure on the development of the company's projects once the research period has ended. Software is amortised over its expected useful life of 5 years. |
| PHL YOULA LIMITED (REGISTERED NUMBER: 12274169) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| All fixed assets are initially recognised at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses. Management use their judgement to determine if there are any indicators which give rise to an impairment. |
| The cost of fixed assets initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management. |
| Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: |
| Computer equipment - Four years |
| The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively. |
| Fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Income Statement. |
| Financial instruments |
| The company only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and debt instruments are subsequently measured at amortised cost. |
| 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 tax is recognised at the amount of tax payable using the tax rates and laws that 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. |
| Research and development |
| Expenditure on research is written off in the year in which it is incurred. Expenditure on the development of software is capitalised once the following has been demonstrated: |
| - | The technical feasibility of completing the intangible asset so that it will be available for use or sale; |
| - | The intention to complete the intangible asset and use or sell it; |
| - | The ability to use or sell the intangible asset; |
| - | How the intangible asset will generate probable future economic benefits; |
| - | The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and |
| - | The ability to measure reliably the expenditure attributable to the intangible asset during its development. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2023 - |
| PHL YOULA LIMITED (REGISTERED NUMBER: 12274169) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill | Software | Totals |
| £ | £ | £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 |
| AMORTISATION |
| At 1 October 2023 |
| and 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 5. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| and 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Deferred tax asset |
| Prepayments and accrued income |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Accruals and deferred income |
| 8. | PROVISIONS FOR LIABILITIES |
| Deferred tax |
| £ |
| Balance at 1 October 2023 | ( |
) |
| Unused amounts reversed during year |
| Balance at 30 September 2024 |
| PHL YOULA LIMITED (REGISTERED NUMBER: 12274169) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 8. | PROVISIONS FOR LIABILITIES - continued |
| The deferred tax asset in the prior period related solely to tax losses carried forward. |
| 9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 10. | CONTINGENT LIABILITIES |
| The company has a cross guarantee with its group company, PHL Group Midco Limited, in favour of MNL Nominees Limited to guarantee its loan notes. The total indebtedness at the balance sheet date is £8,127,693 (2023: £7,508,733). |
| The company has a cross guarantee with its group company, PHL Group Midco Limited, in favour of Dr Timothy Wright to guarantee his loan notes. The total indebtedness at the balance sheet date is £912,398 (2023: £Nil). |
| The company has a cross guarantee with its group company, PHL Group Midco Limited, in favour of Clive Boothby, Kenneth Patrick and Elizabeth Preston to guarantee their loan notes. The total indebtedness at the balance sheet date is £4,613,681 (2023: £Nil). |
| The company has a cross guarantee with its group company, PHL Group Finance Limited, in favour of TC Loans Limited to guarantee its loan. The total indebtedness at the balance sheet date is £13,000,000 (2023: £13,000,000). |
| 11. | ULTIMATE PARENT COMPANY AND CONTROLLING PARTY |
| The immediate parent company is Partnering Health Limited, a company registered in England & Wales. The ultimate parent company is PHL Group Holdco Limited, a company registered in England & Wales. |
| The smallest group in which the results of the company are consolidated is that headed by Partnering Health Limited. The largest group in which the results of the company are consolidated is that headed by PHL Group Holdco Limited. Both of these group accounts are available to the public and may be obtained from the Registrar of Companies. |
| The directors do not consider there to be an ultimate controlling party. |