Phasestor Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 6

Phasestor Limited

Balance Sheet

31 December 2024

	Note	2024 £	2023 £
Current assets
Stocks	4	130,711	-
Debtors	5	243,181	20
Cash at bank and in hand		89,221	-
		463,113	20
Creditors: Amounts falling due within one year	6	(416,131)	-
Total assets less current liabilities		46,982	20
Creditors: Amounts falling due after more than one year	6	(225,287)	-
Net (liabilities)/assets		(178,305)	20
Capital and reserves
Called up share capital	8	20	20
Profit and loss account		(178,325)	-
Shareholders' (deficit)/funds		(178,305)	20

Phasestor Limited

Balance Sheet

31 December 2024

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

Directors' 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 directors acknowledge their 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 September 2025 and signed on its behalf by:
 

......................................... Mr D Kissane Director

Company Registration Number: 14993552

Phasestor Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2024

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:
Units C1 & C2 Sanderling Court
Osprey Road
Sowton Industrial Estate
Exeter
Devon
EX2 7PJ
United Kingdom

These financial statements were authorised for issue by the Board on 30 September 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The functional currency of Phasestor Limited is considered to be pounds sterling because it is the currency of the primary economic environment in which the company operates.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £178,305. The company is supported through a loan from a director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Therefore, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Phasestor Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2024

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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 stocks 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.

Phasestor Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Directors loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Stocks

	2024 £	2023 £
Finished goods and goods for resale	130,711	-

5

Debtors

	2024 £	2023 £
Trade debtors	9,910	-
Prepayments	208,429	-
Other debtors	24,842	20
	243,181	20

Phasestor Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2024

6

Creditors

	2024 £	2023 £
Due within one year
Trade creditors	416,131	-

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	7	225,287	-

7	Loans and borrowings

Non-current loans and borrowings

	Note	2024 £	2023 £
Other borrowings	9	225,287	-

8	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	20	20	20	20

9	Related party transactions

Summary of transactions with other related parties

Associated company - use of registered office During the year the company was granted the use of its registered office and principal place of business by a company with common directors. There was no fee charged for the benefit received.

Loans from director
During the year, a director of the company had a loan account. During the year advances and repayments respectively of £225,287 (2023: £Nil) and £Nil (2023: £Nil) were made. At the balance sheet date, the amount due to the director was £225,287 (2023: £Nil). The amount is interest free and wholly repayable on demand.