In Phase International Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

In Phase International Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04158516 . The registered office is Db House, Rani Drive, Nottingham, NG5 1RF.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	10% straight line
Motor Vehicles	25% straight line
Fixtures & Fittings	25% straight line

2.4. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.5. Stocks and Work in Progress

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.

2.6. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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In Phase International Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2025

2.7. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 42 (2024: 44)

4. Tangible Assets

	Land & Property
	Leasehold	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£
Cost
As at 1 July 2024	652,235	283,762	250,928	1,186,925
Additions	161,172	235,184	70,192	466,548

As at 30 June 2025	813,407	518,946	321,120	1,653,473

Depreciation
As at 1 July 2024	560,190	216,054	239,202	1,015,446
Provided during the period	17,597	39,019	5,846	62,462

As at 30 June 2025	577,787	255,073	245,048	1,077,908

Net Book Value
As at 30 June 2025	235,620	263,873	76,072	575,565

As at 1 July 2024	92,045	67,708	11,726	171,479

5. Stocks

	2025	2024
	£	£
Stock	3,115,819	2,526,019

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In Phase International Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2025

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	1,985,085	1,959,407
Other debtors	5,232,051	3,913,691

	7,217,136	5,873,098

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	169,926	17,861
Trade creditors	636,068	1,454,122
Bank loans and overdrafts	125,854	200,000
Other loans	1,459,620	-
Other creditors	3,024,435	2,450,295
Taxation and social security	560,564	380,690

	5,976,467	4,502,968

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	44,195	9,609
Bank loans	509,756	183,334

	553,951	192,943

9. Secured Creditors

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	214,120	9,815
Bank loans and overdrafts	635,609	383,334

10. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	169,926	17,861
Later than one year and not later than five years	44,195	9,609

	214,121	27,470

	214,121	27,470

11. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	6,000	6,000

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In Phase International Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2025

12. Related Party Transactions

Included within other debtors are the following balances, in respect of companies which are related by virtue of common ownership and directorships:

As at 30 June 2025 £901,500 (2024: £774,195) was owed from WSD 1 Limited.

As at 30 June 2025 £155,139 (2024: £58,008) was owed from In Phase Gmbh.

As at 30 June 2025 £22,151.63 (2024: Nil) was owed from Car Audio Centre GmbH.

As at 30 June 2025 £1,248.80 (2024: £Nil) was owed from Quantum View Technologies Ltd.

Included within other creditors is the following balance, in respect of a company which is related by virtue of

common ownership and directorship:

As at 30 June 2025 £1,979,521 (2024: £1,912,048) was owed to Space Data Centres Ltd.

As at 30 June 2025 £295,704 (2024: £262,778) was owed to Superfi Ltd.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		575,565		171,479

			575,565		171,479
CURRENT ASSETS
Stocks	5	3,115,819		2,526,019
Debtors	6	7,217,136		5,873,098
Cash at bank and in hand		297,258		775,665

		10,630,213		9,174,782
Creditors: Amounts Falling Due Within One Year	7	(5,976,467 )		(4,502,968 )

NET CURRENT ASSETS (LIABILITIES)			4,653,746		4,671,814

TOTAL ASSETS LESS CURRENT LIABILITIES			5,229,311		4,843,293

Creditors: Amounts Falling Due After More Than One Year	8		(553,951 )		(192,943 )

NET ASSETS			4,675,360		4,650,350

CAPITAL AND RESERVES
Called up share capital	11		6,000		6,000
Profit and Loss Account			4,669,360		4,644,350

SHAREHOLDERS' FUNDS			4,675,360		4,650,350