Phronesis Partners (UK) Limited

Registered number

13123313

Filleted Accounts

31 March 2025

Phronesis Partners (UK) Limited
Independent auditor's report
to the members of Phronesis Partners (UK) Limited

Opinion

We have audited the accounts of Phronesis Partners (UK) Limited (the 'company') for the year ended 31 March 2025 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and notes to the accounts, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the accounts:
●	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;
●	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
●	have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out below, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In accordance with the exemption provided by FRC's Ethical Standard - Provisions Available for Audits of Small Entities, we have prepared and submitted the company’s returns to the tax authorities and assisted with the preparation of the accounts.

Conclusions relating to going concern
In auditing the accounts, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the accounts is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The other information comprises the information included in the annual report other than the accounts and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the accounts does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the accounts themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
●	the information given in the directors’ report for the financial year for which the accounts are prepared is consistent with the accounts; and
●	the directors’ report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
●	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
●	the accounts are not in agreement with the accounting records and returns; or
●	certain disclosures of directors’ remuneration specified by law are not made; or
●	we have not received all the information and explanations we require for our audit; or
●	the directors were not entitled to prepare the accounts in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.
In preparing the accounts, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to employment and financial reporting legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We assessed the susceptability of the company's financial statements to material misstatement including obtaining an understanding of how fraud might occur, by making enquiries of management, considering the internal controls in place and discussion amongst the engagment team. We determined that the principal risks were related to cut-off of revenue, posting inappropriate journal entries to increase revenue or reduce expenditure and mangement overide of controls. In response to the risks identified we designed procedures which included, but were not limited to, reviewing the calculations of unbilled receivables, evaluating the internal controls and identifying and testing journal entries. There are inherent limitations in the audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely we would become aware of non-compliance. Material misstatements that arise due to fruad can be harder to detect than those that arise from errors as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the accounts is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.



Paul Newton FCA (Senior Statutory Auditor)
(Senior Statutory Auditor)		5 Robin Hood Lane
for and on behalf of		Sutton
Xeinadin Audit Limited
Statutory Auditor		Surrey
16 September 2025		SM1 2SW

Phronesis Partners (UK) Limited
Registered number:		13123313
Balance Sheet
as at 31 March 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	3		2,796			3,053

Current assets
Debtors	4	523,827			280,469
Cash at bank and in hand		472,089			820,577
		995,916			1,101,046

Creditors: amounts falling due within one year	5	(941,314)			(1,073,238)

Net current assets			54,602			27,808

Net assets			57,398			30,861

Capital and reserves
Called up share capital			100,000			100,000
Profit and loss account			(42,602)			(69,139)

Shareholders' funds			57,398			30,861

The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Binayak Choudhury
Director
Approved by the board on 16 September 2025

Phronesis Partners (UK) Limited
Notes to the Accounts
for the year ended 31 March 2025


1	Accounting policies

	Basis of preparation
	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).

	The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. 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.


	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Plant and machinery	over 3 years

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Leased assets
	Rentals payable under operating leases are recognised as an expense on a straight line basis over the lease term.

	Cash at bank and in hand
	Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees		2025		2024
Number				Number

	Average number of persons employed by the company		8		6

3	Tangible fixed assets
					Plant and machinery etc
£
	Cost
	At 1 April 2024				6,639
	Additions				1,818
	At 31 March 2025				8,457

	Depreciation
	At 1 April 2024				3,586
	Charge for the year				2,075
	At 31 March 2025				5,661

	Net book value
	At 31 March 2025				2,796
	At 31 March 2024				3,053


4	Debtors		2025		2024
£				£

	Trade debtors		519,257		276,810
	Other debtors		4,570		3,659
			523,827		280,469


5	Creditors: amounts falling due within one year		2025		2024
£				£

	Amounts owed to group undertakings and undertakings in which the company has a participating interest		604,728		867,619
	Taxation and social security costs		96,573		59,213
	Other creditors		240,013		146,406
			941,314		1,073,238



6	Events after the reporting date

	There were no significant events after the reporting date which are required to be disclosed in these financial statements.


7	Going concern

	The financial statements have been prepared on a going concern basis, on the basis that no material uncertainties exist that cast significance doubt upon the company's ability to continue as a going concern. The directors make this assessment in respect of a period of one year from the date of approval of the financial statements.


8	Other financial commitments		2025		2024
£				£

	Total future minimum payments under non-cancellable operating leases		5,055		5,735


9	Geographic analysis of sales		2025		2024
£				£
	Research and development income - UK		970,627		841,256
	Research and development income - Export		577,341		343,386

			1,547,968		1,184,642


10	Related party transactions

	During the period, £446,810 (2024 - £279,835) was paid to Phronesis Partners pte Ltd for work it undertook on behalf of Phronesis Partners (UK) Limited. At 31st March 2025, £604,728 (2024 - £867,619) was due from Phronesis Partners (UK) Limited to Phronesis Partners pte Ltd. In addition, £60,685 (2024 - £69,531) received from Phronesis Partners pte Ltd for services rendered is included in the sales figure of £1,547,968 (2023 -£1,184,642).


11	Controlling party

	The company is a wholly owned subsidiary of Phronesis Partners pte Ltd, a company registered in Singapore under company number 201541869C. It's registered office is 60 Paya Lebar Road, #09-43 Paya Lebar Square, Singapore 409051.


12	Other information

	Phronesis Partners (UK) Limited is a private company limited by shares and incorporated in England. Its registered office is:
	Meridien House
	42 Upper Berkeley Street
	London
	W1H 5PW